The Importance Of Project Management: Five Phases Of Project Management

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Introduction
Project management is a process which involved application of knowledge, techniques and skills to execute a project efficiently and effectively. There are five phases of a project (four stages plus control) : Initiating, Planning, Executing, Monitoring and controlling, and Closing (ProjectInsight).
Initiating
"The Initiating Process Group consists of those processes performed to define a new project or a phase of an existing project by obtaining authorization to start the project or phase." (PMBOK)
Intiating involves definig a project and getting an approval to begin the project. Inputs to this phase involves generally a project statement or a project request document and a contract and the output of this phase is the Project
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Importance of the planning phase is that it involves refining the project onbjectives, create a better understanding of project goals and requirements and then plan the necessary steps required to fullfill those goals and requirements within the Project scope.
Executing
“Project Management Plan” serves as an Input to this process. Resources and people are added to the project in this phase with the project management plan to complete the task required in the project plan. In this process the “Project Deliverables” are created as a form of the outputs of this process or phase, therefore any changes like change requests, issue or defects rectifications are performed here only.
Monitoring and Control
In the complete project life cycle, there is a requirement to monitor if the project is on time and in budget and control the changes with quality deliverables. This is the phase or process where these tasks are performed.
Closing
The closing process group is responsible for closing the overall project and delivering the “Project Deliverables” to the customers. The inputs to this process group are the “administrative and contract closeout procedures”.
Project Management Tools and
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It’s generally shown as a flow diagram in a linear organized line format with specific time line. These diagrams show independent factors whose timings overlaps and also enable to plan the schedule accordingly to the timescale. It also allows costing and budging but is a bit tricky method. Example: Assuming that the project team will work a standard working week (5 working days in 1 week) and that all tasks will start as soon as possible and following is the schedule Following will be critical path analysis:
ID Task Name Predecessors
(Enter one ID per cell) P
(max) Duration
(exp. time) ES EF LS LF Slack
10 Start 0.00 0.00 0.00 0.00 0.00 0.00
20 Task A 10 0 0.00 0.00 0.00 0.00 0.00 0.00
30 Task B 20 15 5.00 0.00 5.00 0.00 5.00 0.00
40 Task C 30 25 8.33 5.00 13.33 5.00 13.33

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