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The Essential Guide to Project Management Life Cycle

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The Essential Guide to Project Management Life Cycle

 

Project management refers to a process of effectively leading a work team that involves planning and organizing a company’s resources to accomplish the goal within the required time frame. Project Management uses specific tools, tips, skill sets, knowledge, and techniques to move a given task towards completion. It can be applied to a single ongoing project or used for multiple projects at a time. The goal is set by the company or by a client, and they also give the resources. The project manager requires to implement their expertise and handle the project from start to finish.

Project Management:

is often affiliated with engineering, IT, and healthcare sectors, as they have a complex set of techniques required to make a product function properly. The key benefit is that it has more or less the same process irrespective of the complexity of any given industry. From the IT industry to the fashion industry, the core functions of a project manager is the same. Although, the software and techniques could differ.

Steps to follow in project management

 

Managers follow five basic steps to assemble the resource available and define the time constraint effectively. Every project requires these steps irrespective of its complexity.

Initiation of a project:

The project initiating stage discusses the beginning elements of the whole process. The final goal/ objective, project scope, potential risk, and estimated budget and time frame are identified. The concept and feasibility of a project is determined. A business case is to develop that determines the need for a project. A team is of expert employees is created and, and project charters are established.

For Instance, A Hotel management software has to be created. The initial phase revolves around the time and budget, and core function of the software. The design function and layout is not part of this stage.

Planning of a project:

This is the most essential and crucial stage of project management. In this stage, the key pointer of work that needs to be done is listed down. How the task would be carried out and who will work on what part of a project is determined. Single work is broken down into multiple tasks, and a specific time frame is assigned to each. A strategy is formulated, technical requirements are identified, resources are allocated, and a communication plan is set up.

For instance, the selection of a design, layout and functions of a software is communicated.

Execution of a project:

In This stage, the actual work is being done by the team. They will carry out the plan by the combined effort of each member. The prime focus is on the accuracy of communication, quality, and deliverability of a project. During this process, members will conduct meetings, discuss the task and face the possible difficulties of a project. They will evaluate the completion of a task within the given time limits and the work quality. Some software and methods are used in this stage that will make the overall work much easier and feasible.

Considering the example of a hotel management software, the selected design, layout, and functions are now implemented in this step.

Monitoring and controlling the performance of a project:

This step is followed simultaneously with the previous step, which is, execution of the project. This step ensures that all the tasks delivered are on time or not. No matter how perfect the plan is, there is always room for exceptions. The prime focus is to counter all the uncertainties and make sure that the project is on the right track with the defined budget. During the monitoring stage, ta project manager is also accountable for tracking the quality of a project. To maintain the quality of a project, quality control procedures are applied and track accordingly.

Considering the example of a new website, the challenges could be the slow web speed or not a well develop user friendly layout or complex functions.

Closing and Evaluation of a project

In this stage, a project is towards completion. The objectives and targets are meet, and promising results are achieved. This stage requires wrapping up the project, but before doing that, it’s essential to evaluate the performance and productivity to avoid any possible failures. The project will be evaluated on the basis of quality, speed, accuracy, and deliverability. After the successful evaluation of a project. The final step is to review all task and write a detailed report of each steps and all the necessary requirements will be mentioned in it

 

For instance, the software performance is evaluated and it is ready to be launch in the market or could be used for the internal purpose of the organization.

Conclusion:

As the importance of a project increases, project management is also evolving into a competitive field. Project managers are now considered valuable resources for the achievement of goals. One of the most important benefits of good project management is its flexibility. You can draft out the entire strategy to complete your project successfully within the deadline. Many businesses are adapting to this evolving field and using the most out of it as it has a lot of benefits for the organization on any size.

 

 

 

Ogala Theodore Is A Nigerian Blogger, Forex Technical Analyst/Trader, Internet Marketer, Young Enterprenuer & CEO of 9japlugged.com.ng & Teddy Pips Trading Concept.

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