Project management can be a very overwhelming job; however, it becomes more manageable when it is broken down into its 5 phases; initiation, planning, implementation, monitoring and closure. Read more about these 5 phases below:
Initiation
The first phase of project management is the initiation phase. During this stage, the project manager will study various aspects of the project to decide whether to go ahead with it. The project’s goals and timeline are compared to the budget and other resources available. If a project is not feasible or profitable, it will be abandoned.
Planning
The next phase is the planning phase. In this phase plans are developed to guide the project. This phase of project management is highly important in assuring that the rest of the project runs smoothly – on time and within budget.
Execution
The execution of project management involves assigning tasks to team members, allocating the necessary resources and more. During this phase, the team involved in completing the project will start working towards the goals set out in the project plan. If the team fails to meet objectives within this phase, the project may not succeed.
Monitoring
Phase 4 is about monitoring the site activities. During this phase of project management, project managers must make sure that all activities are happening on time and that they are being completed at the highest quality.
Closure
Closure is the final piece of the project management puzzle. This phase includes document handovers, the release of resources, liability settlements and more. The project must then be evaluated in terms of its ups and downs.