Business

Five Stages of Project Management

Many organisations conduct unique projects. They may provide relief after a natural disaster. It could be constructing new bridges or roadways. What these projects have in common is they are temporary; they include a beginning and an end. To make sure that the projects runs smoothly, many corporations bring in a project manager.

Project managers have specialised training that encompasses the five stages of project management. Most people think that their only job is to keep people working on the project focused on the deadline. You may be surprised to learn there is a science to project management. Take a look at the five stages needed to complete any project successfully.

Stage 1: Project Initiation

During stage one, stakeholders come together and decide if a project will be undertaken. They will define the purpose of the project and research possible outcomes to see if it is feasible. If they decide that the project is a go, they will create a PID (project initiation document). The PID is an outline of the project’s purpose and how to complete it.

Stage 2: Planning the Project

This stage will decide how smoothly the project runs. During the planning stage, the project manager meets with other key managers to create a detailed plan for the project. The plan should set up clear goals for every stage of the project. Also included in this plan are costs, available resources, and timetable.

The project manager will create documents to keep the project on track. By the end of the planning stage, roles and responsibilities are assigned so everyone knows what he or she is responsible for. Some of the documents created here are risk management, work schedule, and communication plans.

Stage 3: Project Execution

During this stage is when most of the action happens. Project managers will be busy with status reports, development updates, and meetings. This is also the most stressful part of most project managers’ jobs. Due to the specialised knowledge and skills they learned during their project management course, they can handle this stage with ease.

Stage 4: Project Monitoring

During this stage, project managers will determine the progress of the project. They do this using KDIs (key performance indicators). Most managers will pick at least two to five KDIs, such as objectives or cost tracking. The manager may need to readjust timetables and schedules during this stage to see the project completed on time.

Stage 5: Project Closure

During this stage, outside contractors are let go and the last meeting is held. Project managers will go over what worked well and where improvements could be made for the next project. They will gather all the paperwork and use it to write their final report along with the final budget. Then they begin the process over on their next job.

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