- \n
- Initiation<\/strong><\/li>\n\n\n\n
- Planning<\/strong><\/li>\n\n\n\n
- Execution<\/strong><\/li>\n\n\n\n
- Monitoring and control<\/strong><\/li>\n\n\n\n
- Closure<\/strong><\/li>\n<\/ul>\n\n\n\n
This guide will walk you through project phases and explain them in more detail. Also, it will suggest the steps you should take to complete each phase successfully. <\/p>\n\n\n
\n![\"Phases](\"https:\/\/plaky.com\/learn\/wp-content\/uploads\/2022\/02\/Phases-in-project-management-cover-1024x512.png\")
<\/figure>\n<\/div>\n\n\n<\/div>\n\n\n\nPhase 1: Project initiation <\/h2>\n\n\n\n
The first phase in a project life cycle is the project initiation phase. <\/p>\n\n\n\n
In this phase, you have to:<\/p>\n\n\n\n
- \n
- Determine the project\u2019s vision and objectives, <\/li>\n\n\n\n
- Document what you want to accomplish, and <\/li>\n\n\n\n
- Secure approvals from project stakeholders<\/a>.<\/li>\n<\/ul>\n\n\n\n
Here are the steps you need to take to achieve these objectives.<\/p>\n\n\n\n
How to initiate a project<\/h3>\n\n\n\n
The steps you should consider taking to make the project initiation phase go smoothly include the following:<\/p>\n\n\n\n
- \n
- Create a business case<\/a><\/strong><\/li>\n\n\n\n
- Conduct a feasibility study<\/strong><\/li>\n\n\n\n
- Develop a project charter<\/a><\/strong><\/li>\n\n\n\n
- Determine stakeholders and create a stakeholder register<\/strong><\/li>\n\n\n\n
- Select project management tools<\/a><\/strong><\/li>\n<\/ol>\n\n\n\n
Let’s explain every step.<\/p>\n\n\n\n
#1 Create a business case<\/h4>\n\n\n\n
First, you should create a business case. According to the Association for Project Management (APM)<\/a>, a business case \u201cprovides justification for undertaking a project, programme or portfolio.\u201d<\/em><\/p>\n\n\n\n
This document explains why the company should spend its resources on a specific project.<\/p>\n\n\n\n
Also, its purpose is to convince the upper management to approve the project. Additionally, the business case addresses management\u2019s potential concerns about any business or financial risks<\/a>.<\/p>\n\n\n\n
#2 Conduct a feasibility study<\/h4>\n\n\n\n
After the business case approval, you should undertake a feasibility study. <\/p>\n\n\n\n
Investopedia defines a feasibility study<\/a> as \u201can assessment of the practicality of a proposed plan or project.<\/em>\u201d <\/p>\n\n\n\n
It\u2019s a way to evaluate the project\u2019s potential for success. <\/p>\n\n\n\n
It also helps to identify potential issues and problems that could arise.<\/p>\n\n\n\n
To determine whether a project can succeed, a feasibility study considers:<\/p>\n\n\n\n
- \n
- Economic factors,<\/li>\n\n\n\n
- Legal factors,<\/li>\n\n\n\n
- Technical factors, and <\/li>\n\n\n\n
- Scheduling factors. <\/li>\n<\/ul>\n\n\n\n
#3 Develop a project charter<\/h4>\n\n\n\n
Did you know that some project management professionals view the project charter as the project\u2019s best marketing tool<\/a>? This perfectly illustrates the importance of this document. <\/p>\n\n\n\n
The project initiator or sponsor issues the project charter \u2014 a document that formally authorizes the existence of a project<\/strong>.<\/p>\n\n\n\n
Moreover, the project charter gives the project manager<\/a> the authority to apply organizational resources to project activities<\/a>.<\/p>\n\n\n\n
Examples of organizational resources include team members, capacity, budget, equipment, technology, etc.<\/p>\n\n\n\n
A project charter also provides a direct link between the project and the organization\u2019s strategic objectives. Moreover, it shows the organizational commitment to the project.<\/p>\n\n\n\n
#4 Determine stakeholders and create a stakeholder register<\/h4>\n\n\n\n
There is no project without project stakeholders. In gist, stakeholders are all the people that have an influence on or can be influenced by the project.<\/p>\n\n\n\n
A stakeholder register lists all project stakeholders. It is, basically, an index of all project stakeholders and their critical attributes. <\/p>\n\n\n\n
You should create this register as early as possible in the project life cycle.<\/p>\n\n\n\n
If you don\u2019t determine all the parties interested in your project who can have an influence on it, the chances are high that your project is doomed to fail right at the start.<\/p>\n\n\n\n
Therefore, this step is one of the most critical ones.<\/p>\n\n\n\n
#5 Select project management tools<\/h4>\n\n\n\n
The final step in the initiation phase is about choosing project management tools.<\/p>\n\n\n\n
A project management software, like Plaky<\/a>, can help you:<\/p>\n\n\n\n
- \n
- Organize your project,<\/li>\n\n\n\n
- Always know what your team members are doing, and<\/li>\n\n\n\n
- Effectively track project progress.<\/li>\n<\/ul>\n\n\n\n
![\"Plaky](\"https:\/\/plaky.com\/learn\/wp-content\/uploads\/2022\/02\/Plaky-project-management-software-1-1.png\")
Plaky project management software<\/figcaption><\/figure>\n<\/div>\n\n\n \n\ud83d\udca1 Plaky Pro Tip<\/strong><\/p>\n\n\n\n
Get expert tips on how to start a project in just a few steps in the post below:<\/p>\n\n\n\n
- \n
- How to Start a Project The Right Way \u2014 5 Key Steps<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
Phase 2: Project planning<\/h2>\n\n\n\n
\u201cIf you fail to plan, you are planning to fail!\u201d<\/em><\/p>\n\n\n\n
\u2015 Benjamin Franklin<\/a><\/p>\n\n\n\n
In the project planning phase, we intend to build a project roadmap<\/a>.<\/p>\n\n\n\n
Proceeding to the execution phase without planning a project leaves you at risk of overrunning available resources and failing to reach your goals.<\/p>\n\n\n\n
How to plan a project<\/h3>\n\n\n\n
After you have successfully completed the initiation phase, you are ready for project planning.<\/p>\n\n\n\n
This phase consists of the following 9 steps:<\/p>\n\n\n\n
- \n
- Determine project goals<\/strong><\/li>\n\n\n\n
- Define a project scope<\/a><\/strong><\/li>\n\n\n\n
- Prepare a work breakdown structure (WBS)<\/strong><\/li>\n\n\n\n
- Develop a project schedule<\/strong><\/li>\n\n\n\n
- Plan resources<\/strong><\/li>\n\n\n\n
- Develop a communication plan<\/strong><\/li>\n\n\n\n
- Develop a risk management plan<\/strong><\/li>\n\n\n\n
- Plan budget<\/strong><\/li>\n\n\n\n
- Choose your preferred project management methodology<\/strong><\/li>\n<\/ol>\n\n\n\n
Nine steps may seem like a lot, but worry not \u2014 we will go through all of them.<\/p>\n\n\n\n
#1 Determine project goals<\/h4>\n\n\n\n
There are several methods to set up your project goals. Let’s look at the two most popular ones \u2014 S.M.A.R.T. and C.L.E.A.R.<\/p>\n\n\n\n
S.M.A.R.T. goals definition and example<\/h5>\n\n\n
\n![\"SMART](\"https:\/\/plaky.com\/learn\/wp-content\/uploads\/2022\/02\/SMART-EN.png\")
SMART goals<\/figcaption><\/figure>\n<\/div>\n\n\n S.M.A.R.T. <\/strong>goals are S<\/strong>pecific, M<\/strong>easurable, A<\/strong>ttainable, R<\/strong>elevant, and T<\/strong>ime-based goals:<\/p>\n\n\n\n
- \n
- To make goals S<\/strong>pecific \u2014 Specify what exactly needs to be done.<\/li>\n\n\n\n
- To make goals M<\/strong>easurable \u2014 Define goals so that you can measure them.<\/li>\n\n\n\n
- To make goals A<\/strong>ttainable \u2014 Make sure your goal is realistic and can be achieved.<\/li>\n\n\n\n
- To make goals R<\/strong>elevant \u2014 The goal should be relevant for completing your project.<\/li>\n\n\n\n
- To make goals T<\/strong>ime-based \u2014 Every goal needs a target date.<\/li>\n<\/ul>\n\n\n\n
Let’s provide a S.M.A.R.T. goal<\/a> example.<\/p>\n\n\n\n
Suppose your company wants to create a CRM software for the internal use of your marketing and sales teams.<\/strong><\/p>\n\n\n\n
In this case, your S.M.A.R.T. goal can look like this:<\/p>\n\n\n\n
Create a CRM software that organizes at least 3000 incoming inquiries per week so that our team can organize these inquiries and reply to them within 24 hours of receipt.<\/strong><\/p>\n\n\n\n
- \n
- Specific:<\/strong> Create a CRM software<\/li>\n\n\n\n
- Measurable: <\/strong>that organizes at least 3000 <\/li>\n\n\n\n
- Attainable: <\/strong>incoming inquiries per week <\/li>\n\n\n\n
- Relevant:<\/strong> so that our team can organize these inquiries<\/li>\n\n\n\n
- Time-based: <\/strong>and reply to them within 24 hours of receipt.<\/li>\n<\/ul>\n\n\n\n
C.L.E.A.R. goals definition and example<\/h5>\n\n\n
\n![\"CLEAR](\"https:\/\/plaky.com\/learn\/wp-content\/uploads\/2022\/02\/CLEAR-goals-1.png\")
CLEAR goals<\/figcaption><\/figure>\n<\/div>\n\n\n C.L.E.A.R. <\/strong>stands for C<\/strong>ollaborative, L<\/strong>imited, E<\/strong>motional, A<\/strong>ppreciable, and R<\/strong>efinable goals.<\/p>\n\n\n\n
- \n
- C<\/strong>ollaborative goals \u2014 They should engage your team and encourage people to work together.<\/li>\n\n\n\n
- L<\/strong>imited goals \u2014 They are limited in time and scope.<\/li>\n\n\n\n
- E<\/strong>motional goals \u2014 They should feel emotionally significant to employees, making them passionate to reach them.<\/li>\n\n\n\n
- A<\/strong>ppreciable goals \u2014 Large goals are broken into smaller, measurable steps.<\/li>\n\n\n\n
- R<\/strong>efinable goals \u2014 They can be refined and modified as new situations or information arise.<\/li>\n<\/ul>\n\n\n\n
Let’s provide a C.L.E.A.R. goal example.<\/p>\n\n\n\n
Imagine your company wants to develop a team chat app for internal use and plans to offer it to clients in the near future.<\/strong><\/p>\n\n\n\n
A C.L.E.A.R. goal for this project can look like this:<\/p>\n\n\n\n
- \n
- Collaborative: <\/strong>Our marketing, product, development, design, and testing teams will work together to create a business chat app. <\/li>\n\n\n\n
- Limited: <\/strong>We dedicate six months to finish this project. <\/li>\n\n\n\n
- Emotional:<\/strong> This app will enable our teams to communicate more efficiently. <\/li>\n\n\n\n
- Appreciable: <\/strong>Marketing and product teams will have a month to specify functionalities. After that, the design team will also have two weeks to come up with at least two design proposals and two weeks for work on adjustments. Then, the development team will have three months to complete work on functionalities. The final step, testing, will last for one month. <\/li>\n\n\n\n
- Refinable:<\/strong> The adjustments on scheduled time and functionalities can be made based on information we obtain through the project. For instance, we may discover that customers would like some functionalities that we didn’t plan initially by reading reviews they left for our competitors’ similar apps. <\/li>\n<\/ul>\n\n\n\n
#2 Define the project scope<\/h4>\n\n\n\n
If you are a project manager, you undoubtedly know the importance of effective project scope<\/a>.<\/p>\n\n\n\n
The Australian Institute of Project Management (AIPM) defines a project scope as \u201can agreed summary of all the important parameters of the entire project,\u201d <\/em>like the following:<\/p>\n\n\n\n
- \n
- Goals, <\/li>\n\n\n\n
- Deliverables, <\/li>\n\n\n\n
- Tasks, <\/li>\n\n\n\n
- Costs, and <\/li>\n\n\n\n
- Deadlines.<\/li>\n<\/ul>\n\n\n\n
According to AIPM, the project scope is vital because it establishes:<\/p>\n\n\n\n
- \n
- Responsibilities, <\/li>\n\n\n\n
- Success criteria, <\/li>\n\n\n\n
- Project boundaries, and <\/li>\n\n\n\n
- Procedures for how work will be approved. <\/li>\n<\/ul>\n\n\n\n
In simple words, the project scope defines all project elements and helps deliver successful projects. Once approved, it becomes a point of reference in the project.<\/p>\n\n\n\n
#3 Prepare a work breakdown structure (WBS)<\/h4>\n\n\n\n
It is often necessary to take small steps to reach something big. When a project is complex, we need a work breakdown structure.<\/p>\n\n\n\n
In simple words, the WBS<\/a> provides a hierarchical structure of project activity.<\/strong><\/p>\n\n\n\n
According to the Association for Project Management<\/a>, \u201cthe WBS forms the basis of the Project Plan, decomposing the main project into stages, then work packages then into sub-activities per work-package.\u201d<\/em><\/p>\n\n\n\n
And, the levels of detail for a WBS are dependent upon the complexity of the project.<\/p>\n\n\n\n
\n
\n\nFree project management software<\/h2>\n
Manage all project tasks and improve workflows with Plaky.<\/p>\n\n
\n Sign up<\/a>\n\n Learn more<\/a>\n <\/div>\n <\/div>\n\n\n\n \n ![\"Illustration\"](\"https:\/\/plaky.com\/learn\/wp-content\/themes\/cake-learn\/src\/images\/plaky\/banners\/default.png\")
\n <\/picture>\n <\/div>\n<\/div>\n <\/p>\n\n\n\n#4 Develop a project schedule<\/h4>\n\n\n\n
Starting a project without a project schedule is like going on a treasure hunt without a map.<\/p>\n\n\n\n
The Australian Institute of Project Management defines a project schedule as \u201ca timetable that shows the start and end date of all project tasks, how the tasks relate to each other and usually which team members or other resources are responsible for delivery.\u201d<\/em><\/p>\n\n\n\n
A project schedule does the following: <\/p>\n\n\n\n
- \n
- Specifies the time we need for required tasks,<\/li>\n\n\n\n
- Sets project milestones<\/a> we have to meet to complete the project on time,<\/li>\n\n\n\n
- Distributes resources across tasks, and<\/li>\n\n\n\n
- Can be presented in different forms to suit various stakeholders.<\/li>\n<\/ul>\n\n\n\n
Project scheduling can be difficult without the right project management software to help keep your work on track.<\/p>\n\n\n\n
#5 Plan resources<\/h4>\n\n\n\n
Resources are assets you need to execute a project. They can vary depending on your project\u2019s type. <\/p>\n\n\n\n
Some examples of project resources<\/a> include:<\/p>\n\n\n\n
- \n
- People,<\/li>\n\n\n\n
- Financial resources,<\/li>\n\n\n\n
- Technology,<\/li>\n\n\n\n
- Material, and<\/li>\n\n\n\n
- Machinery.<\/li>\n<\/ul>\n\n\n\n
You can obtain them internally or can procure them from external sources.<\/p>\n\n\n\n
A resource plan specifies, organizes, and lists the resources needed to complete a project successfully. <\/p>\n\n\n\n
#6 Develop a communication plan<\/h4>\n\n\n\n
Effective communication matters. Communication planning is a vital step for any project to keep everybody in the loop.<\/p>\n\n\n\n
Communication planning implies:<\/p>\n\n\n\n
- \n
- Specifying types of information you want to deliver,<\/li>\n\n\n\n
- Defining who will receive that information,<\/li>\n\n\n\n
- Defining communication format, and<\/li>\n\n\n\n
- Setting the timing of information release and distribution.<\/li>\n<\/ul>\n\n\n\n
A study by the Economist Intelligence Unit \u2014 cited in workplace communication statistics<\/a> \u2014 illustrates how poor workplace communication can hurt the success of a workplace. Namely, it may result in failure to complete projects <\/strong>\u2014 in 44% of the cases.<\/p>\n\n\n\n
So, take time to develop a well-elaborated communication plan.<\/p>\n\n\n\n
#7 Develop a risk management plan<\/h4>\n\n\n\n
A risk management plan<\/a> tells you how to handle risk in your project. It addresses the following points:<\/p>\n\n\n\n
- \n
- How to assess risk,<\/li>\n\n\n\n
- Who is responsible for the risk assessment, and<\/li>\n\n\n\n
- How often to carry out risk planning.<\/li>\n<\/ul>\n\n\n\n
There are many types of risks, and you can use the same framework as the work breakdown structure (WBS) for developing a risk breakdown structure (RBS).<\/p>\n\n\n\n
RBS is one of the important tools available for managing risk.<\/p>\n\n\n\n
It is a hierarchical representation of risks, starting from higher levels and going down to finer risk levels.<\/p>\n\n\n\n
Some project risks<\/a> you may encounter include:<\/p>\n\n\n\n
- \n
- High project costs, <\/li>\n\n\n\n
- Scope creep, <\/li>\n\n\n\n
- Low team performance, and<\/li>\n\n\n\n
- Lack of clarity for tasks.<\/li>\n<\/ul>\n\n\n\n
#8 Plan the budget<\/h4>\n\n\n\n
Every project requires finances. In the planning phase, it is vital to estimate project costs<\/a>.<\/p>\n\n\n\n
How can you do that?<\/p>\n\n\n\n
\u201cProject Management\u201d<\/em> by Adrienne Watt describes tools and techniques you can use to estimate costs<\/a>:<\/p>\n\n\n\n
- \n
- Determination of resource cost rates<\/strong> \u2014 Determining resource costs means determining the rate for labor and materials.<\/li>\n\n\n\n
- Vendor bid analysis <\/strong>\u2014 <\/strong>Sometimes, you have to work with external contractors to finalize your project. And those contractors bid on the job. A vendor bid analysis evaluates those bids and chooses the one you will accept.<\/li>\n\n\n\n
- Reserve analysis <\/strong>\u2014 <\/strong>This analysis means putting some money away in case of overruns. A budget overrun<\/a> happens when the project’s cost exceeds the initial budget. <\/li>\n\n\n\n
- Cost of quality<\/strong> \u2014 You will need to calculate the cost of all your quality-related activities into the overall budget. These are prevention and inspection activities. They don\u2019t include just testing but also time spent reviewing documents, meeting to analyze the roots of defects, altering to fix the defects that are found, etc. Cost of quality is a way to track the cost of those activities to see if they increase or decrease over time. <\/li>\n<\/ul>\n\n\n\n
Make sure you secure the funds necessary to support the project through every phase.<\/p>\n\n\n\n
#9 Choose your preferred project management methodology<\/h4>\n\n\n\n
Now, it’s time to decide which project management methodology you would like to use. Some popular project management methodologies are:<\/p>\n\n\n\n
- \n
- Agile<\/a> <\/strong>\u2014 Best suited for projects that require flexibility and speed, collaborating to continually deliver whatever works.<\/li>\n\n\n\n
- Scrum<\/a> <\/strong>\u2014 A short \u201csprint\u201d approach to managing projects, ideal for small teams.<\/li>\n\n\n\n
- Kanban<\/a> <\/strong>\u2014 Involves visualizing the workflow, improves the speed and quality of project delivery.<\/li>\n\n\n\n
- Scrumban<\/a> <\/strong>\u2014 A hybrid of the Scrum and Kanban methodologies.<\/li>\n\n\n\n
- Waterfall<\/a><\/strong> \u2014 Each project step is completed before continuing to the next one.<\/li>\n\n\n\n
- Kaizen <\/strong>\u2014 <\/strong>Involves continuous improvement, involving all team members.<\/li>\n\n\n\n
- Lean<\/a> <\/strong>\u2014 Promotes a work process breakdown so that you can identify and eliminate waste such as defects, overproduction, waiting time, extra processing, etc.<\/li>\n\n\n\n
- PRojects IN Controlled Environments (PRINCE2)<\/a> <\/strong>\u2014 A process-oriented methodology, highly structured, dividing projects into multiple stages.<\/li>\n\n\n\n
- Project Management Body of Knowledge (PMBOK) <\/strong>\u2014 A set of standard terminology and guidelines for project management.<\/li>\n\n\n\n
- Critical Path Method (CPM)<\/a> <\/strong>\u2014 Involves identifying tasks necessary for project completion and determining scheduling flexibility.<\/li>\n<\/ul>\n\n\n\n
Choosing the right project management methodology will enable you to successfully manage your project and deliver it on time and within budget.<\/p>\n\n\n\n
- Scrum<\/a> <\/strong>\u2014 A short \u201csprint\u201d approach to managing projects, ideal for small teams.<\/li>\n\n\n\n
- Vendor bid analysis <\/strong>\u2014 <\/strong>Sometimes, you have to work with external contractors to finalize your project. And those contractors bid on the job. A vendor bid analysis evaluates those bids and chooses the one you will accept.<\/li>\n\n\n\n
- Determination of resource cost rates<\/strong> \u2014 Determining resource costs means determining the rate for labor and materials.<\/li>\n\n\n\n
- Limited: <\/strong>We dedicate six months to finish this project. <\/li>\n\n\n\n
- L<\/strong>imited goals \u2014 They are limited in time and scope.<\/li>\n\n\n\n
- Measurable: <\/strong>that organizes at least 3000 <\/li>\n\n\n\n
- To make goals M<\/strong>easurable \u2014 Define goals so that you can measure them.<\/li>\n\n\n\n
- Define a project scope<\/a><\/strong><\/li>\n\n\n\n
- Determine project goals<\/strong><\/li>\n\n\n\n
- How to Start a Project The Right Way \u2014 5 Key Steps<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
- Conduct a feasibility study<\/strong><\/li>\n\n\n\n
- Create a business case<\/a><\/strong><\/li>\n\n\n\n
- Planning<\/strong><\/li>\n\n\n\n
![\"Illustration\"](\"https:\/\/plaky.com\/learn\/wp-content\/themes\/cake-learn\/src\/images\/plaky\/banners\/default@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n <\/p>\n\n\n\n