Project Life Cycle
Complex projects that are far-reaching in scope, resource-heavy, and are high in
strategic importance will require higher levels of project management knowledge.
Having a basic understanding of the project life cycle and the 5 process groups of
project management—initiating, planning, executing, monitoring and controlling,
and closing—will help project managers achieve consistent and repeatable project
success.
Project Life Cycle
What is the project life cycle?
The 5 process groups of project management
Initiating phase
Planning phase
Executing phase
Monitoring and controlling phase
Closing phase
What is the project life cycle? The project life cycle includes the steps required
for project managers to successfully manage a project from start to finish.
There are 5 phases to the project life cycle (also called the 5 process groups)
—initiating, planning, executing, monitoring/controlling, and closing. Each
of these project phases represents a group of interrelated processes that
must take place.
The 5 process groups of project management
Initiating phase
The initiating phase of the project life cycle consists of just two separate
processes: the project charter and stakeholder register. The point of this phase is to
determine the vision for your project, document what you hope to accomplish, and
secure approvals from a sanctioning stakeholder. The key components of the project
charter include:
Business case
Project scope
Deliverables
Objectives
Resources needed
Milestone plan and timeline
Cost estimate
Risks and issues
Dependencies
When you take the time to establish a clear and cohesive vision, think through who
should ideally be involved in bringing the project to life, and secure the resources
you’ll need up front, you give your project a strong start that sets the stage for
everything that comes next.
Planning phase
The planning phase process group is where you build the project infrastructure that
will enable you to achieve your goal within your predetermined time and budget
constraints, starting with a project management plan, project scope, work
breakdown structure and more—and wrapping up with qualitative and quantitative
risk analyses and risk responses. This is your detailed roadmap—your blueprint for
success. When you reach the end of this phase of the life cycle, everyone on your
team will not only understand the vision of the project, they’ll also understand
precisely what they need to do to reach the finish line on time and within budget.
Executing phase
The executing phase is where the rubber hits the road—where most of the budget
is allocated and most of the project deliverables are produced. You take your project
plan and put it into action, whether that takes weeks, months, or even
years. Villanova University defines the goal of this phase as, “managing teams
effectively while orchestrating timeline expectations and reaching benchmark goals.”
The executing phase often includes team development, stakeholder engagement,
and quality assurance activities, either on a formal or informal basis.
Monitoring and controlling phase
The monitoring and controlling phase involves keeping an eye on the actual
progress of the project against your plan and taking corrective action where
necessary. No amount of perfect planning will exempt you from the need to be
constantly vigilant with tracking and reporting. You know what they say about the
best-laid plans, after all.
Closing phase
The closing phase is the final phase of the project life cycle includes just one solitary
process, and it’s more than simply checking off the project as done. It’s essential to
formally close the project and secure a sign-off or approval from the customer,
stakeholders, and/or project sponsor. This process might include:
Delivering the project
Hosting a post-mortem meeting
Archiving project records
Celebrating or acknowledging the achievement
Officially disbanding or releasing the team
The importance of this final step of the project life cycle can’t be overstated,
especially as more organizations are adopting the Hollywood model of work, where
temporary teams come together around a specific project, and then disband and
regroup for another project, much the way film crews operate. Every film production
ends with a “wrap party,” and so should every major work project.
The complete project life cycle
Below is a chart of the complete project life cycle, including the 5 process groups of
project management and the steps required in each phase across all knowledge
areas.
