Understanding The Stages Of Project Management

Overview of project management

Project management is all about the application of various techniques and specialized knowledge in order to meet the requirements of the project and achieve its desired outcomes. This is being practiced in all organizations. Project management has also emerged as a distinct field of profession. Every industry needs project managers, which is also one of the reasons why many people are attracted to establish a career in project management. A PMP certification is essential if you want to become a certified professional in this field.

A closer look at project management

Project management or fundamentals of project management covers various areas. It encompasses knowledge in different aspects such as risk management, procurement, quality assurance, communication, and stakeholder management. The process of project management is divided into five unique stages. These stages are designed to ensure that the project is handled in a logical manner. It is important to have a clear understanding of these. Each stage requires the equal amount of attention, effort, and integration. Let’s try to further understand what each stage entails.

Stage One: Initiation

Each project is temporary and unique. The project lifecycle all begins with project initiation. The goal of this stage is to develop a project charter. Now, how exactly happens in this stage? A project is first evaluated. It goes through a feasibility study. The project value is assessed. These are the steps taken in order to come up with a project charter.

Stage Two: Planning

If a project charter is the goal of stage one, then a project blueprint is the goal of stage two. Project planning is all about setting expectations and outlining the scope of the project. The project plan contains all the necessary details. It sets the financing and timeline that needs to be followed. It also delves on risk management and stakeholder management. In simple terms, it sets the direction of the project.

Stage Three: Execution

The third stage is all about implementation. This is also the stage where tasks are delegated and resources are allocated. Basically, this is the fruition of the plans and ideas that were developed in the second stage. However, the process is still far from over.

Stage Four:  Monitoring and Controlling

What happens after the plans have been implemented? Performance tracking. In this stage, the implemented plans have to be assessed. You need to use specific metrics in order to find out if you were successful in achieving the desired outcomes of the project. You have to find out whether the stakeholders are satisfied with the results of the projects or not. This phase requires a lot of performance assessment and communication with the stakeholders.

Stage Five: Closure

The last stage is closure or the completion of the project. This marks the end of the project lifecycle.  You reach this point once the stakeholders agree that the project has achieved the desired result. Another thing that happens in this phase is identifying key learnings. You need to track the things you have learned from this project so that you can apply them to your future projects.

Are you interested in developing a deeper understanding of project management? There are many online resources that can help you, particularly the informative videos by Deniz on YouTube. You may like why a thank you email is beneficial, please read here. Good luck!