The success and relevance of modern day businesses or organizations depend on how effectively they can execute their projects. These projects could be of various shapes and forms, complex or less complex ones. Irrespective of the kinds of projects being handled, the timely and efficient completion of any project requires a systematic scientific approach followed by a trained Project Manager (PM) with a Project Management Certification.
Project Managers, PMI & PMBOK® Guide
Highly skillful and experienced project managers do not rely on random procedures or techniques to ensure successful project completion. They instead display a comprehensive understanding of the established 5 phases of project management developed by PMI (PMI), the leading membership-based organization that provides tools, best practices, and networks for project managers. Out of seven different types of certifications, their primary and globally well-recognized certification is Project Management Professional (PMP)® certification.
PMBOK® Guide: Currently in its 6th edition, a Guide to the Project Management Book of Knowledge, popularly knows as PMBOK is a book that contains standard project management information and practices. This guide, while recognizing the fact that every project is different, provides a process standard which can be applied to many projects. It also shares the fundamental practices that are used worldwide during the Project Management Lifecycles.
5 Phases of Project Management
Project management phases make up an entire PMP lifecycle and Project lifecycle. These phases can be customized to fit individual project requirements.
Five phases of project management are the roadmap to accomplishing the broader goals provided by the project lifecycle.
1st Phase: Project Initiation: This is the first phase where all the important stakeholders and potential project sponsors decide whether or not to commit to the project entirely. Then the project formally starts, a name is assigned, and the project is defined at a broader level. Project nature could vary from one project to another. Depending on the requirement, either the feasibility studies are conducted, or requirement gathering activities are carried out. Based on industry-specific requirements, a project charter could also be prepared during this phase.
2nd Phase: Project Planning: This is the second phase, and during this phase, a comprehensive project management plan is developed. Individual plans are also designed for aspects such as cost, duration, scope, quality, communication, risk, and resources. The essential activities carried out during this phase include:
- Making WBS
- Development of schedule
- Preparation of milestone charts and GANTT charts
- Preparation of estimates related to the resources
- Deciding the planning dates
- Taking a call on modes of communication with stakeholders based on milestones, deadlines, and critical deliveries
In addition to these activities, Risk Management planning also takes place during this phase. It could include risk identification and analysis, risk minimization approaches and response planning.
3rd Phase: Project Execution: This phase sees the development and completion of a project deliverable, in adherence to a mapped-out plan. A variety of tasks are carried to capture project metrics. These tasks could include status meetings, project status updates, status reports, human resource needs, and performance analysis. This phase provides a fair understanding of whether the project will succeed or fail.
4th Phase: Project Monitoring and Control: This phase measures the project performance and progression concerning the project plan. Scope verification and control activities are carried out to monitor any changes, continuous or uncontrolled growth patterns. They also include managing any changes as per the project requirement.
Critical performance indicators for cost and time are calculated to find out any variation. In case of a variation, corrective measures are suggested to keep a project on track. At the same time, an analysis is done to understand why some projects fail and what are the possible preventive steps that can be taken.
5th Phase: Project Closure: This is the last phase of the project management where a project is formally closed. Many important tasks are carried out, and they include:
- Delivering the product
- Relieving resources
- R&R for the team members
NetCom Learning– A must for Project Management Professional (PMP)® Certification
If you value the prestige that comes from being the best in your field, then you’ll undoubtedly appreciate the professional advantages derived from attaining the Project Management Professional (PMP)®, Certification. The PMP designation following your name tells current and potential employers that you have demonstrated a solid foundation of knowledge from which you can competently practice project management.
NetCom Learning is an authorized EC-Council Partner and CompTIA Platinum Partner. We offer PMP training courses and PMP Certification classes. With 21 years of Industry experience in managing all aspects of organizational learnings, we offer 3,500+ courses, spread across nine different practice areas.