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