Project Management Lifecycle

Project Management Lifecycle

Project Management is a tecnique to manage project effectively , that ensure the project objectives are met within scope,time,budget.Project Management Lifecycle (PMLC) create a systematic path to achive project goals.Project Management Lifecycle (PMLC) breaks down a project task into well-defined phases,each phase have some task that allow managers to monitor progress, allocate resources, and estimate risks at every phase of projects.

The lifecycle consists of five phases: Initiation, Planning, Execution, Monitoring , Controlling, and Closing.Each step has its separate role and significance. 

Project Initiation Phase

The first and most critical phase ,here objectives are define first.Establish the purpose of the project and Identify expected outcomes and success probablitiy.

Example: A software company defining the goal of building an Patroll Software for a large Organisation.

Then Feasibility Study is done , cost-benefit analysis conducted ,technology, manpower, and budget is considered,risks is also calculated.Assign a qualified professional who will lead and communicate across teams (Project Manager).

Stakeholders (clients, sponsors, team, end-users) is also assigned in this phase.

Project Charter (objectives, scope, constraints, assumptions, stakeholders) is developed in this phase.

Project Planning Phase

This is the most critical and detailed phase of project management.

Define Scope

Create a Scope Statement that describes project boundaries.create a proper Work Breakdown Structure (WBS) to do the work into manageable tasks.

Develop Project Plan

Create a Project Management Plan covering schedule, cost, communication, risk, quality, and resources.

Budgeting & Cost Estimation

Estimate costs for resources, technology, licenses, and overhead.

Prepare a budget for monitoring expenses.

Schedule Development

Tools like Gantt Charts, PERT Charts, or Critical Path Method (CPM) is used to develop Schedule Development.

Resource Allocation

Identify team members, assign task and responsibilities.

Risk Management Planning

Calculate potential risks (technical, financial, environmental).

Quality Management Plan

Define quality control strategy.

Project Execution Phase

In this phase project is executed , that means work is performed, and deliverables like are created.

Team Mobilization

Assign roles and responsibilities formally and make sure that the team understands objectives and milestones.

Task Execution

Carry out project tasks as per the WBS and schedule.

Develop deliverables like output.

Resource Utilization

Allocate and monitor resources effectively to achive optimum output.

Communication & Collaboration

Have open communication across teams to remove any barrier and hasitation.

Tools like Slack, Trello, Jira are suitable for this phase.

Project Monitoring & Controlling Phase

This phase is the heart of Project Management Lifecycle that runs in parallel with Execution to ensure the project stays on track, identify delay , fault,resource mismanagement etc.

Performance Tracking

Keep an eye on progress against the baseline schedule and budget.

Use Earned Value Management (EVM) techniques.

Key Performance Indicators (KPIs)

• Cost variance (CV), Schedule variance (SV).
• Resource utilization efficiency.
• Quality defect rates.
• Monitor risk and maintain risk register. 
• Prevent scope creep.
• Corrective Actions if required (schedule, cost, or resource) , any adjustment is necessary.

Project Closing Phase

Completion of the project.

• Deliverable Handover
• Transfer final products to the client.
• Compile project reports, risk registers, test reports, and financial statements.
• Release team members for new assignments.
• Identify successes, failures, and areas of improvement.
• Formal Closure

Prepared By: Ayan Banerjee