They all mean the same thing. Project life cycle phases may vary from one project to another depending on the requirements. What is a project charter and why is it important? A phase is a set of activities in a project that are logically grouped together. It is directly related to the success of the project. All Rights Reserved. A feasibility study report may be created to understand whether the project is feasible or not. 1. And if you monitor each, you can systematize them and understand where there’s room for improvement. Phase 3: The Implementation (Execution) Phase. Project Management From Simple to Complex, Next: 4. If... How to Create a Work Breakdown Structure? Life cycle phases consist of various separated modules with defined functionalities. Issues of feasibility (“can we do the project?”) and justification (“should we do the project?”) are addressed. A feasibility study is conducted to investigate whether each option addresses the project objective and a final recommended solution is determined. With offices in place, the project start-up team began developing procedures for getting work done, acquiring the appropriate permits, and developing relationships with Chilean and Argentine partners. Baseline Budget, Risk Management Plan and other supporting documents, plans and procedures are created based on the targets emphasized in the scope statement. – Milestones The plan should be updated and published on a regular basis. Though it would appear that the four phases should be handled one after another in a linear fashion, the reality of project work is seldom that tidy. After defining the project scope and key milestones clearly, WBS (Work Breakdown Structure) is created to divide and manage the project’s scope into meaningful sections. A punch list of a few remaining construction items was developed and those items completed. The main purpose of a successful project management team is to complete the project on time and budget with meeting the customer’s requirements and the project’s objectives. In the same way the baseline budget is compared with the actual budget and cost variances are calculated. Different phases typically have a different effort or duration. This is where many people might get confused. Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. The closeout phase included turning over the newly constructed plant to the operations team of the client. Initiation is first phase of project management life cycle where the feasibility and the business value of the project are determined. Although planning is a never-ending process on a project, the planning phase focused on developing sufficient details to allow various parts of the project team to coordinate their work and allow the project management team to make priority decisions. The completion of these activities usually creates a deliverable. Various models can be used to classify stakeholders according to the project’s requirements. A project manager organizes the various tasks involved in starting, executing and completing a project. Each framework attempts to logically divide the project into key phases that will give project managers more control, expedite their work, and improve their results. The project life cycle ends when the house is handed over by the builder to the owner of the house. The key outcome of the Initiating phase is our "Project Charter"! The planning phase defines the key milestones, project scope, WBS (Work Breakdown Structure) and other related important project management documents. A formal agreement is required between the contractor and the customer. For project managers seeking to understand their process and work according to best practices, they are often guided by the PMI standards of practice which outlines the project management life cycle. These phases are varied depending upon the industry involved but all follow the same basic steps. The implementation phase involves all tasks required to build the product. The major deliverables and the participating work groups are identified, and the project team begins to take shape. (adsbygoogle = window.adsbygoogle || []).push({}); Ideas that start in the back of the mind start to bubble up into potential projects. Throughout this step, project sponsors and other key stakeholders should be kept informed of the project’s status according to the agreed-on frequency and format of communication. Important forecasts and issues are controlled and reported at this phase describes the ’! 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