Hello and welcome to KnowledgeHut.
As you may be already aware, there are four stages of the Project Life Cycle
namely Initiation
Planning Execution
Closure And In this video, we will discuss these stages
in detail, including what these stages are and what are the steps taken during these
stages.
Let us begin with Initiation.
Business need, problem, or opportunity is identified in this stage.
Ways to meet this end, solve this problem or seize this opportunity are brainstormed.
The objective of the project is figured out, feasibility is determined and major deliverables
are identified.
Project Management steps for the initiation stage includes
Identification of the problem which your project will solve and making it certain whether your
project will be able to deliver a solution to that problem.
Identification of the scope by defining the depth and breadth of the project
Identification of deliverables by defining the product or service to provide.
Identification of the project stakeholders by figuring out whom the project affects and
what their needs may be.
And Development of a business case
You’ll also develop a statement of work or project initiation document at the initiation
stage.
The Statement of Work is the document that captures and defines all aspects of your project.
You’ll note the activities, deliverables and the timetable for the project.
It’s an extremely detailed document as it will lay the groundwork for the project plan.
Next comes the planning Stage.
The planning stage comes when the project is approved to move forward on the basis of
the statement of work and the business case.
In the planning stage, teams are built, the large project is broken down into smaller
tasks and a schedule is prepared for the completion of all the assignments.
Smaller goals are created within the larger project so that each goal is achievable within
the time frame.
Project Management steps for the planning stage includes
Identification of the project timeline, the tasks which are to be performed and the possible
constraints.
Creation of workflow documents to visualize the project timeline.
Estimation of budgets and the creation of financial plans with the help of cost estimates.
Gathering resources by building teams and making sure that everyone has the tools required
to perform their tasks.
Risk anticipation by identifying potential quality roadblock.
It is important to have everything outlined and explained to the team and so that the
team members can quickly get to the work in the next stage.
After planning, we reach to the execution stage.
In the above two stages, we worked on receiving business approval, developing a plan and building
our team.
Now its time to start working.
In this phase, we will turn our plan into action.
The project manager makes sure that the work is on track, he/she organizes team members, manages
timelines and makes sure that the work is done according to the original plan.
Project Management steps for the execution stage includes
Creating tasks and organizing workflows by assigning granular aspects of the projects
to the right team members.
Explaining tasks to team members, providing necessary guidance on how the tasks should
be completed, and organizing process-related training if necessary.
Communicating with team members, clients, and upper management and providing updates
to the stakeholders at all the levels.
Monitoring quality of work And Managing budget
And finally, we reach the closure stage.
This is the stage where we provide final deliverables, release project resources and determine the
success of the project.
In this stage, the project manager also evaluates what did and what did not work with the project.
Project Management steps for the closure stage includes
Determining whether the goals of the project were met and whether the initial problem was
solved.
Evaluation of the team’s performance including whether they were able to meet the goals along
with maintaining the timeliness and quality of the work.
Making sure that all aspects of the project are completed with no loose ends remaining
and providing reports to key stakeholders.
Conducting a final analysis of the project, taking into account lessons learned for similar
projects in the future.
So these were the four stages in the Project Lifecycle and the different steps taken at
each stage.
We hope that this video was helpful to you.
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