The Project Management Life Cycle

17 December 2010

The project management life cycle is a predetermine path that a project will follow from its initiation to the final conclusion when the deliverable will be completed. For each individual company, the exact path will vary, but there are similarities between them.

One of the consistencies of the project management life cycle is that the initial scope and goals for the project set forth by the stakeholders have to be adhered to in all stages of the lifecycle. With this in mind during the entire lifecycle, the focus on it and the deliverable can be maintained so the final result will be acceptable.

There are four individual stages in the project management life cycle. At the end of each of these stages is a process that has to then be completed. The first stage is the Initiation Stage. In this stage is the development of the business case. Once the idea is approved the feasibility study can be conducted. If all of the data is positive then the Project Charter can be drawn up and the team selected to work on the project. With this all completed the project’s definitions is documented and ready to proceed to the next stage. The second stage of the project management life cycle is the Planning Stage. This is like the foundation on which all other parts of the project will be built on. Each part of the planning stage has to be written and checked for many things. The main focus throughout must be that the goals and objectives from the stakeholders is adhered to. In this stage the project plan, Resource Plan, Financial Plan, Quality Plan, Risk Plan, Communications Plan and Procurement Plan must all be documented and reviewed for accuracy before proceeding to the next stage. The project management life cycle third stage is the execution of all the plans from the previous stage. At times the review and refinements of those plans might be necessary, but no major modifications should have to be done for the execution and construction of the deliverable to occur. Close monitoring is required to ensure this is accomplished.The final stage of the project management life cycle is the closure where all documents and the deliverable itself are again closely inspected. If the other stages were done successfully, then this is just like a wrap up stage that leads to the successful conclusion of the project.