5 Project Management Process that you must know

Project management is an ever-evolving field and we are only seeing the beginning of perhaps a vast transformation sometime in the near future.

Probably, you are aware by now how critical project management is for the company’s bottom line. Organizations all over are tuning in to effective project management practices to meet their business goal in the face of astronomical demands posed by the new digital world economy.

Is Project Phase, Process, and Project Stage the same thing?

Project management is not an easy task. This requires project professionals to perpetually learn cutting-edge project management techniques and processes.

If you ever got chance to work on the project, you might have come across these three terms Project Phase, Project Process, Project Stage.

Are these terms the same thing? If not, then what is different between them and why do they often get used interchangeably by project team members?

What is the Project phase?

Most, if not all, projects go through phases that vary with the size, length of the project, and complexity of the project.

A project phase is marked upon the completion of one or more deliverables. However, there may be possibilities where two or more phases are progressing in parallel.

Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project life cycle.

Each industry uses its own variations and the project lifecycle model may vary from project to project even in the same industry. The naming convention of the phase is mainly defined based on project characteristics. One industry may name the first phase as the concept phase whereas another may name it the initiation phase.

Example of Project phase

Basically, the lifecycle provides a high-level view of the project and the phases are the connecting links to accomplishing it till the completion of the cycle.

For example, a typical EPC oil and gas project phases can be categorized as follows:

Conceptual – Engineering – Procurement – Construction – Commissioning – Start-up – Operation.

Whereas for a typical software project, usual phases are: Planning – Analysis – Design -Implement – Testing & Integration – Maintenance.

Similarly, for civil infrastructure, the project can be divided into the following phases. Planning – Design – Procurement – Operation – Maintenance.

What is Project Stage or Project Process?

Deliverables of each project phase are completed through project management processes, which are sometimes referred as project stage.

As per Project Management Institute (PMI), following five processes initiation, planning, execution, monitor & control, closure is included in project management processes. Let’s have a close look at these five project management processes.

Initiation

This step marks the formal starting of the project. It will include project objectives based on the purpose of the project as well as the desired outcome in detail. Once you receive approval, you will develop the project charter.

At starting of your project when you must prove the project has value and is feasible. This stage includes creating a business case, to justify the need for the project, and a feasibility study to show that it can be executed within a reasonable time and cost.

Planning

The project manager and team formulate the best strategy to accomplish the project objective. During this phase planning team is formed, in addition to requisitioning other resources. The main deliverable of this second stage is the project plan, which will be the guide for the execution and control phases. The project plan must include every component associated with the execution of the project including the costs, risks, resources, and timelines.

Execution

The third stage is project execution, which is where the majority of the work happens. This is the phase where you complete the project activities and milestones to produce the deliverables to the client’s or stakeholder’s satisfaction by following the plan created in the previous stage.

The project manager will implement and oversee all activities that create the desired result as outlined in the project plan. Usually, this phase takes up the most time, resources, and effort.

 Monitoring and Control

The fourth stage is project monitoring and control, it involves monitoring the progress and performance of the project to ensure sure that it stays on schedule and within budget. Quality control procedures are applied to guarantee quality assurance. The project manager monitors the project’s key performance indicators are aligned with set goals assuring that the project is headed in the right direction to become a reality.

 Project Closure

The final and fifth stage is project closure, in which the final deliverables are presented to the client or stakeholder. Once approved, resources are released, documentation is completed and everything is signed off. This is the time when the team provides the return of experience. This ensures that the next project doesn’t encounter the same issues as the previous project.

Conclusion

Managing a project is not an easy task. From project initiation till the closure of the project, there’s a lot that can go wrong. Dividing the project into phases & stages will make the project task manageable and easier to control.

Projects go through phases that vary with the size, length of the project, and complexity of the project. A project phase is marked upon the completion of one or more deliverables. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project life cycle.

Currently, which phase of the project are you working on? Let me know by leaving a comment below right now.

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