Project life cycle in project management: Key phases and processes
In project management, the project life cycle is divided into several phases that determine how the project will be implemented. Each phase, called the management stage, requires thorough project management. Decision-makers evaluate the project after each phase is completed, allowing work to continue. Thanks to this, responsibility for the project is limited to one stage, which enables effective planning and control, not forgetting the expected final result.
The first two phases in the project life cycle are preparation and initiation. In the preparation phase, we select people responsible for initial planning and decide to establish the project. In the initiation phase, we determine how the project will be implemented. We create plans for quality, risk management, project plan and communication system. We need to define the measurable benefits of the project and how to measure them so that the project makes business sense.
The project preparation phase answers the question whether it is worth implementing the project, and the initiation phase explains how to carry out the project. The project formally starts when the initiation phase begins, and from that moment the project manager takes responsibility for its implementation.
Once the initiation phase is completed, the project is ready for implementation. We prepare plans, agree on roles in the project management team and establish a system of communication and project reviews. The project moves to the implementation phase, where we carry out the planned technical work.
The end of the implementation phase means the closure of the project. We check that all products have been delivered and received, plan post-project reviews, recommend follow-up actions and document experiences. Although the project formally ends its existence, we are starting to use its products, which should bring the benefits specified in the business justification of the project.
We start each stage by obtaining formal consent for its implementation. To obtain approval, we summarize the previous stage and present a plan for the next management stage. Businesses need to be sure that the project is worth further investment, which requires effective management of tasks and work at every stage.
