Project Management:
A project is a temporary work carried out with a specific time period to meet the need of business. A Project Management is the procedural way of carrying out the project activities with well organised plan to achieve the goals or objectives. Various challenges and constraints will arise during the project should be handle in a appropriate way, so that progress of the project will not get affect. A proper project management procedures ensure the balance in the three constraints: Time, Cost and Resource.
Five Phases of Project Management
The five phases of Project Management are Initiation phase, Planning phase, Execution phase, Monitoring & Control phase and finally closing phase.
Initiation Phase:
In the Project Initiation phase, Project Team will be formed and assigned with responsibilities for each team member. Together the team will define the project scope and deliverable. Then project stakeholders will be identified and listed. Finally Project Charter will be prepared along with the details of "project name, start date, finish date, objectives, budget awarded, stakeholders name, project team members and their responsibilities, etc."
Planning Phase:
It is the most important phase in the project management. Successful planning ensures the 80% success rate in the project completion. The requirements for executing the project will be identified in this stage. The detailed plan will be prepared in this phase with target dates for every activities and resources like Men, Machinery, Material and Money needed for execution will be planned carefully. Project running budget will be made and baseline will be set finally in this stage.
Execution Phase:
In the execution phase of project management, project plan created in planning phase will be executed. During this phase, a product or service will be develop to match the client need. The construction will happen in this phase and deliver to the client at the end. It is the longest phase in project management. The progress will be made each and every day and the project execution team will ensure the timely completion of each activities and milestones.
Monitoring & Control Phase:
During the execution phase, it is recommend to monitor the project happening and compare it with the baseline plan. Early and Late dates are carefully monitored and the changes are to duly update in the schedule. Analysis like Earned Value, S-Curve, and Delay impact will be conduct to observe the issues in the execution and the project team will report and solve the issues to control the project progress. Cost control will be carried out to check the cost incurring as per the original spending plan. Quality audits will be conduct periodically to ensure the quality at each deliverables.
Closing Phase:
It involves the handling the project deliverables to the client / customer. Evaluation will be conduct to check the quality of the deliverables. All the project agreements like project contract agreement, supplier contract, labor contracts, bank loans, stakeholder agreements will be duly closed. Project findings like achievements, failures, project risk, project issues, difficulties faced will be recorded for future reference and study.
Studying project managements tools like Primavera & Microsoft project helps to execute these five phases smoothly.
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