In this post, we will discuss different phases of the project life cycle. Because no two projects are the same, there are numerous ways to manage them. Each project has its own set of requirements and factors that influence how you act and achieve your objectives. There are numerous approaches to project management, and no single approach is correct.
Consider this: you’re organising an award ceremony for your company. Consider your available resources, the people you’ll be working with, the award date, and the location to make it happen. To complete your project, you must be aware of numerous details.
Phases of the project life cycle
Because so many factors can influence a project, it’s critical to understand its fundamental structure. This structure is known as the project life cycle. A life cycle is an excellent tool for steering your project in the right direction, ensuring your project stays on track and reaches your goal.
Most project life cycles are divided into four major stages, each with its own set of tasks and concerns. Let’s check them out. A project’s main phases are as follows:
- Begin the project
- Planning & Strategy
- Execution & Task completion
- Finish the project
Begin the project
This is the starting point for the entire process of your project and the most important phases of the project life cycle. This phase will define project goals and deliverables, the budget and resources required, the people involved in your project and any other details that may impact the project’s success. You’ll compile all of this information in one place to demonstrate the project’s worth and, hopefully, gain approval to proceed.
Planning & Strategy
Once the project is approved, it is time to get started. Following that, you’ll devise a strategy for achieving your project’s objectives. There are numerous methods and techniques for planning your project, which we will discuss later. Planning a project would be one of the second phases of the project life cycle
The critical thing to remember right now is that creating a plan for how you’re going to meet your goals is essential for every single project. Consider this. You will not hire a contractor to build a house unless you know what you want it to look like and how much money you have to work with. These considerations apply to any project that you manage. Your plan must include a variety of elements to be effective. A budget, for example, a breakdown of all the tasks that they must complete, methods to communicate team roles and responsibilities, a schedule, resources, and what to do if your project encounters problems or needs to change. These are just a few examples.
Execution & Task completion
Once you’ve established your strategy, it’s time to put it into action and complete the tasks. It is critical to emphasise that your project team is responsible for completing the tasks. Your role as a project manager is slightly different. While you may be in charge of completing specific project tasks, your primary responsibilities as the project manager are to monitor progress and motivate your team. You also remove any barriers to completing the tasks correctly and on time. This would be one of the most important phases of the project life cycle.
Finish the project
Finally, when all tasks are complete, all resources have been accounted for, and the project has concluded, it is time to close the project. Why is it necessary to figure out? One primary reason is to give your team a chance to celebrate their hard work. Completing the project allows you to assess how well it went. You can keep track of what worked and what didn’t to plan more effectively the next time. Even if the project was a huge success, taking time to reflect is beneficial.
Why close a project?
Closing the project is also an excellent opportunity to connect with anyone outside your team interested in the project’s goal. You can inform everyone about what was completed and what you achieved. Some projects, such as the concert, will have a set end date. That’s all there is to it once the project is complete. There is no more work to be done. Other projects have different completion dates.
Assume a project to implement a new ordering system at a restaurant is complete once the system is set up and the employees understand how it works. You will have met your objectives at that point. It’s time to delegate the project to another group whose responsibility will be to provide support and ensure that the system remains operational daily.
For example, suppose you managed the project to develop a data analytics dashboard that various stakeholders would use in your organisation. This dashboard would display relevant information to each stakeholder based on the team they were a part of within our more extensive organisation. You managed the entire process, from creating the project vision to delivering the dashboard. After you handed off the final product, you transitioned the ongoing update of each team’s data and the corresponding dashboard page to the respective teams. Consider it analogous to handing over the keys to a newly constructed home to its new owner. The building project is complete, and it is now up to the owner to take care of the house’s maintenance and upkeep.
That’s all there is to it—the life-cycle of a project. The exact name for each phase may differ depending on the project or organisation. The overall concept remains the same. Following that, we’ll look more closely at what happens during each stage of the traditional project life cycle.
The ramifications of hurrying through a project phase
Let’s look at a simple example to see what happens when you rush through the project phase. Marcus works for a company as a project manager that specialises in ERP software and receives an urgent phone call from his boss, Brad, on a Friday night. By the end of the weekend, Brad informs Marcus that he needs a timeline and cost for ERP implementation for Delivery Box, Inc., a logistics company.
Marcus spends his weekend revising the proposal for Delivery Box, Inc. He hurriedly puts together a project proposal, estimating a $300,000 cost and a three-month implementation time, a typical cost and time frame for implementing ERP on his company’s platform. He forwards the proposal to Delivery Box, Inc. to meet its deadline.
When Marcus gets into the office on the morning of the next working day, Brad informs Marcus that he was reprimanded for failing to follow the company’s process for developing a proposal and including the software engineers. The engineers examine the information provided by Delivery Box, Inc. and conclude that the company’s software is incompatible with its ERP platform. The engineers will spend six months developing their platform to meet the client’s needs, followed by another four months of software testing and platform integration. The software will cost more than a million dollars to develop and test.
This project was doomed from the start. It was impossible to complete the project without affecting the budget, quality, or timeline.
How should this have gone?
When Brad calls, Marcus tells him that he understands Brad’s desire to please the customer by delivering a proposal as soon as possible, but he would like to spend more time perfecting the proposal. Marcus informs Brad that he will draft an email to Delivery Box, Inc. requesting more time to develop an accurate proposal. Brad hesitates but agrees.
Marcus discovers that Delivery Box, Inc. has responded to his request on Monday morning. They appreciate that he expressed his concerns about the proposal request’s quick turnaround. They say they are ready to give him a week to work with his team to provide a project estimate.
Marcus now has the opportunity to involve all of the key stakeholders in estimating the effort required, including the cost, schedule, and resources to complete the project.
Let’s use the project life cycle to help us with this project.
Begin the project
This is the stage Marcus skipped in the first scenario. Ideally, Marcus should discuss project goals with Delivery Box, Inc. to understand their requirements during this phase. Once the project goals are identified, Marcus can gather project team members and stakeholders to define action items to successfully implement ERP for Delivery Box, Inc. Marcus identifies the skill sets required and the timeline and cost of ERP implementation. He determines and documents the value created by this project for the company. His company’s leadership team approved Marcus’s proposal after presenting all of his gathered information. Marcus then sends his proposal to Delivery Box, Inc., who accepts it.
Planning & Strategy
Marcus creates a project plan to get from start to finish now that he has the green light and necessary approvals to work on the project. A plan ensures that all stakeholders and team members are ready to complete their responsibilities. Marcus outlines the critical deadlines and tasks for the project’s success. He develops a schedule that considers all resources, materials, and tasks required to complete the project.
Execution & Task completion
Marcus’s project team implements his plan during this project phase by carrying out the work. Marcus keeps an eye on his team as they complete project tasks. His role as project manager is not to complete individual tasks but to assist in breaking down any barriers that would slow or prevent the team from completing their tasks. Marcus is also responsible for communicating timeline and quality expectations. Marcus uses his communication skills to keep Delivery Box, Inc. informed of project progress and to solicit feedback from them. This keeps the project on track and within budget.
Finish the project
Marcus’s team has completed the ERP implementation, which he now delivers to Delivery Box, Inc. They are delighted with the outcome! Marcus is now prepared to wrap up this project and move on to the next. Before closing this chapter, Marcus and his team discuss and document the project’s lessons learned. What worked well, and what could be improved for the next time? Marcus also organises a small lunch gathering for his team to celebrate and recognise their efforts.
Key takeaway
Going through the entire project life cycle may appear to be a lot of work, but the long-term impact on your project will be enormous! As the project manager, it is your responsibility to ensure that your leadership understands the dangers of not properly preparing for a project. Making incorrect assumptions can put your company at risk. Taking the time to carefully begin the project, planning & strategy, execution & task completion and finishing your project, on the other hand, leads to project success and good working relationships with customers. This concludes the different common phases of the project life cycle
