Is your project in trouble? Why do so many projects fail? Budget overruns. Quality flaws. Poor project management. Working with the wrong talent. Bad estimates. Bad ideas and much more. There would have always been a few disasters when you are running your projects. It is very important to evaluate projects in the start examining all hurdles, potholes and other associated risks. Project management is a big game and poor management is a big reason for the failure of projects. Let us understand what is project management.

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What is project management?
Project management is like serving tables. The business of all sizes, startups, small or large sized organizations is using project management at an increasing pace. The daily responsibilities that are in the hand of entrepreneurs and project managers, it becomes important for them to use dedicated tools like ProofHub for managing projects from start to completion. It takes a big deal in carrying out projects on time and on the budget.

What are the functions of project management?

• Scope: There are some boundaries of a project and something outside those boundaries. In terms of objectives and resources, these boundaries are defined. Your project will be better if you identify more aspects of scope.
• Time: For the completion of projects there has to be set some timeline comprising of deadlines, milestones, and benchmarks.
• Cost: It is the amount of money that is required for completion of projects successfully.
• Quality: It is the ability of a process to satisfy all the needs of completing a project, both stated and implied needs and those defined by stakeholders.

Project management phases

A project Phase generally characterizes the completion and approval of one or more deliverables. It involves a sequential process to ensure the control of the project to maintain the objectives of the project. The team needs to understand the 5 phases of project management so that they can select the tools and techniques that appropriately fit the project.

The five phases of project management

When discussing a project, dividing it into phases will lead it into the right direction for its successful completion. The total workload of a project will be divided into smaller components
thus making it easier to monitor. Described below is the phasing model that has been used in practice. It includes six phases:

• Initiation phase
• Defining and planning phase
• Implementation phase
• Project performance
• Follow-up phase

Let’s describe them one by one:

1. Initiation phase

It is the first phase in a project management as it involves starting up a new project. Initiation phase includes the deciding point for the stakeholders whether or not commit to a project. It is to be decided that whether the project has an adequate base of support and which all parties are involved. It has everything that is required before a project is approved and before detailed planning begins. The project is sponsored in this phase and it clarifies the three main things: objectives, scope, and constraints. For example, business plans and grant applications are included in this type of project proposal. The stakeholders that are sponsors of the project, evaluate the proposal and provide the financing. After the approval, the project officially begins. In the initiation phase, there are certain steps:

• Why this project? Create an informal document outlining the project that simply describes the overall goal of the project.
• Is it feasible? It will be required to complete the project feasibility report. Check whether the project is feasible that you will be able to complete the project with the available resources.
• Who are the possible partners in the project? When you determine the project is feasible, assign the project to your team member.
• What should the result be? The next step is project scope statement that outlines what will be done, how it will be done, and why it will be done.
• What are the boundaries of this project? Finally, other factors like project’s scope and its critical success factors are determined.

In the initiation phase, there is a temporary relationship between the project partners. There is a concern regarding the results of the project and it is recommended to agree on the type of project, like:

• a research and development project;
• a project that will deliver a ‘proof of concept’;
• a project that will deliver a working product.

The project you choose largely determines the results of a project. Everyone involved in a project should be clear of all the matters related to a project to avoid any conflicts and misunderstanding. Confusions like what customers expect, a working product or a prototype may arise between the project team. Thus, concluding and moving to the next phase, the project initiation phase concludes when a project manager has all the information to start a project and ensure a smooth execution of the project.

2. Defining and planning phase

After the project has been approved, the project enters the second phase: the definition phase. In this phase, a roadmap is developed for everyone to follow. All the requirement that are related to a project is specified. It involves setting goals and identifying the expectations that the client may have with the results of the project.

The project planning phase consists of the following steps:

• The project scope should be first reviewed to prevent it from entering a stage where the scope of the project grows without making necessary changes in the schedule of a project. The project scope should be completed reasonably in a specific manner.
• Break the project into component parts like tasks, milestones etc resulting in work breakdown structure.
• After the work breakdown structure, an organizational breakdown structure can be put together that visually demonstrates the hierarchy of the individuals involved in the project.
• Resource allocation is the next step that determines what will be the budget? Who will be responsible for what tasks? And other requirements.
• Create the project schedule.
• A risk assessment is performed concerning the risks that will be involved in the completion of a project. Any unfortunate events should be planned ahead so that things don’t go wrong during the project.
• Set ups a communication plan as in who is responsible for communicating what to whom.
• Finalize the project plan by seeking approval from superiors.

Do not make any delay in identifying the requirements of your projects. There are several categories of project requirements, like:

• Preconditions: The project should be conducted in this. Example; working condition and approval requirements.
• Functional requirements: It has to do with the quality of the result of the project.
• Operational requirements: It involves the use of the project result, by rectifying the malfunctions that occur in the project.
• Design limitations: It involves the actual realization of the project.

It is often the most challenging phase for a project manager as they need to make a good judgment of resources and equipment to complete the project. A clear project roadmap will need to be created to create a suite of a project plan. The three fundamental components of the planning process involve identifying the work, preparing the schedule and estimating the costs. These need to be completed to avoid the threat the successful completion of a project. This is called risk management. Finally, when everything is done, you will want to create a document for your plan with criteria that is accepted by the customer. The whole project will be then completed with planning in detail and will be ready for execution.

3. Implementation phase

This is also a crucial stage as the project takes shape during the implementation phase. It involves the construction of the actual result of the project. The programmers are working on encoding, designers are busy with graphic material, contractors are building and so on. The project becomes visible to outsiders at this stage. To maintain the momentum of any project this phase is important is it the “doing” phase.

During the project execution phase, the following tasks are marked done:

• Time Management — The project is checked to be completed on schedule by the project manager.
• Cost Management — All the expenses involved in a project are accounted for a project manager.
• Quality Management — The quality of product to the specifications of the stakeholders is checked.
• Change Management — The project manager can make the changes in stakeholder’s specifications or schedule for the project accordingly.
• Issue management — Any issues related to project should be tracked so that any problems that may come up during the execution phase is to the knowledge of the team members.

How to Execute the Project

The implementation phase is the plan to action phase. Here are the steps:

• Monitor and control process and budget

Maintaining a big-picture to measure your project progress will involve regular check-up and can help you measure your progress. As the changes come in, respond quickly to them and look for problems in early stages to initiate corrective action.

• Report progress

Regular updates and status reports are required when the project is in the execution stage. Provide the required information in the right format, highlighting the problems also. This will save you in the case of any crisis, turning out to be good resources.

• Hold weekly team meetings

Weekly team meetings will protect your team from deviating from the important activities and no time will be wasted. They will be more focused and know what is essential for the success of the project. Clear agendas should be set for the meetings so that there is an increase in productivity and overall performance.

• Manage problems

The problems like quality issues, time management, loss os team’s enthusiasm and much more that can threaten the success of your project should be solved and managed. Don’t let it grow into a disaster.

The main objective of a project is to achieve a result that will meet all the requirements that were predefined for a project. No event should deviate the success of the project.

4. Project Performance

In this phase, as the scheduled work is going in progress, the project managers will compare project status and progress to the actual plan. To keep the project on track, the managers need to adjust the schedules. So, basically, it involves monitoring the project for risks and keeping distance with those risks. Though it is tried to keep the changes to a minimum but any risk involved can force them to revisit any of the previous phases. It is better to make changes as the unforeseen risks may make the project unable to reach completion. A manager will have to implement a system that will help in monitoring the progress of the project for its success and ensuring that everything is happening in alignment with the project management plan.

Project managers can use key performance indicators (KPIs) to determine if the project is on track. Some of the KPIs to measure project performance are:

• Project Objectives: A project will meet stakeholder objectives by measuring if a project is on schedule and budget.
• Quality Deliverables: Are the specific task deliverables being met.
• Effort and Cost Tracking: Is budget on track? It can measure by measuring the effort and cost of resources and this will show whether a project will be completed on time.
• Project Performance: If any changes are to be made in the project is monitored by taking into consideration the issues that are raised and addressed.

5. Follow-up phase

Follow-up phase or the closure phase represents the completed project. The contractors are terminated at this time those who are hired to work specifically on the project. Managers thank those who participated in the project for their efforts and valuable members are recognized. After the completion of a project, a project manager will often hold a meeting to identify project failures and what were the positive points in a project. It will help in making improvements in future projects. Often many managers, neglect the follow-up phase considering it unnecessary. It basically involves activities like writing handbooks, providing instruction, setting up a help desk, evaluating the project itself, making reports, celebrating the success and dismantling the project team.

How a project manager does the closure of a project:

Evaluate project performance
Your team needs to meet its goals before closure of a project. The scope of the project should be maintained that we decided in the beginning and will determine how well the project has performed.

Close the project
How you wrap up the project will also depend on how your team takes the ownership of its own deliverables. If everything goes as planned, then it is great for you and your team. And if the project takes longer, you will still have to recognize the team’s efforts and accomplishments.

Debrief with the team
A post-evaluation time should be scheduled to brief the process so that the benefits learned can be shared. It gives the managers an opportunity for finding out the pros and cons in a team and finding better ways of handling projects in future.

And a project is formally closed!

Adopting the five phases during your project will create clarity in a project. For better understanding, let us see what does managing a project entail?

Following is a list of components that project leaders and teams are involved in:

1. Team
A project team is the group of people who will be responsible for the result of the project. The people in a team are from different backgrounds with different knowledge and skills.
2. Goal
A product goal is desired and is sometimes vague or less firmly established. It becomes necessary in many cases to adopt the goals as the project proceeds.
3. Limited resources
To complete a project, the amount of time and money that is available is always limited.
4. Risk
Success is never guaranteed, even when the goal is reached. The desired goal may sometimes not be achieved within the available budget and time. Project managers generally attend to any matters, they direct projects along only five parameters:

• Time
• Money
• Quality
• Organisation
• Information

It is a big job to be a project manager. You will be accountable for delivering the project with authority and running the project on daily basis. Thus, for all project managers here are some actions that you can focus on to master project management.

Keep your promises

You as a project manager should keep your promises and whatever you say should be credible so that your clients trust you. When you commit to a deadline, live up to your commitments and deliver work when you said you will. When you are following up with team members on a timely basis, you will get an enormous respect from them. It will be easier for you to execute the project and carry forward your plan.

Know your customers

It is important to look after your customers as much as you think about your employees. You can not earn a living without your customers, so try to think about them stepping into their shoes. Make sure your customers are satisfied and happy and tell your employees about their great work. This will motivate your employees and they will work harder to offer the best services to their customers. In case, you realize your customers are not happy, understand the reasons behind their displeasure and try to figure another way out for the things to work.

Be proactive

Are you a proactive leader? By being involved in unimportant activities, we delay the important things like planning and initiating the project, learning your client’s business and building relationships with team members. And in the whole process of focusing our attention on the long-term, you may forget to be reactive in the present moment. Do not wait for things to happen by themselves, take an initiative, a step forward for things to be executed.

Check the status of project

“Before you work up on it, check up on it” Be updated with the progress of your projects and see how they are working, especially when there are many submissions. To avoid any sudden shocks, start your day by keeping an eye on progress.

Provide support to your team

The biggest asset of your project is your team. If your team is not nurtured to a proper level, it won’t thrive. Keep your team the support they need to succeed and try to build a great team. You can play with their strengths, on weekly basis spend time with a team in one to one meetings. Assist them in work in whatever way they want, solve what they worry about and ask for anything they want. Len them a helping hand to remove blockages that may be there on your team during the work.

Stay calm under pressure

If you don’t have the tendency to handle, how would your team perform? There is a daily pressure of making deliverables, decisions and sorting out issues. But when the pressure is set, you have to understand your state of mind and try remaining calm. Do Not make blames on things and while making decisions. Be a part of both the sides of an argument and give the best in whatever you do. You are a model for your team and what you will give is what you will get.

Be smart enough when using a project management process. Learn useful lessons from the success of projects and its failure. Adopt effective techniques to help carry out projects on time and less disruption.

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5 Phases of project management for running successful projects was originally published in ProofHub Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.