Project managers are usually typecast as people who keep reminding everyone about the deadlines for the project, set up meetings for project updates, etc. We tend to disagree with them. Project managers have a lot of responsibilities.

The acronym PMP stands for Project Management Professional. This course was developed by the Project Management Institute (PMI). It is the world’s largest nonprofit membership association for project management. The PMI is the organization which awards you with PMP credentials, a globally recognized certificate which assures employers that the person is trained in handling projects.

Let us unravel the different phases of project management.

A diagram displaying the phases of project management

Phase 1: Project Initiation

It is not as easy as it sounds, initiating a project involves a substantial amount of work. We have broken it down to simple steps so that you would have a better understanding of the concept.

• Developing a business case and undertaking a feasibility study

A business case is the starting point of a project where the business opportunity/problem is defined. Costs and benefits of both the recommended and the alternative solution are noted down. A feasibility study is where the solutions are put to a test to see whether it delivers the required outcome.

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• Project Charter

In this stage, the project synopsis is laid down which in turn defines the purpose of the project. The project is given a structure and steps are laid down for the successful implementation of the project. And the relevant stakeholders are identified based on their needs and how the project affects them.

• Phase Review

An assessment of the project is done to ensure that all the objectives are met and whether the project is eligible for phase 2 of the project. This is a significant step in the project as it allows stakeholders to control the progress of the project and make sure that there is a smooth transition of the project.

Tip: We suggest that the phase review is conducted in every phase so that the project has a smooth transition

Phase 2: Project Planning

Let us go through the various steps involved in the project planning phase

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• Project Plan

Every project has a timeline with respect to the stakeholders or upper management. In this step, the timeline under which the project must be delivered is decided. Also, phases of project, tasks, and activities to be performed and possible constraints are established

• Budget and Financial plan

Budget is a part and parcel of every project. The Budget needs to be decided so that the project does not go overboard and end up burning stakeholders’ money. The cost of the project is determined by cost estimates while taking care that the maximum Return on Investment (ROI) is achieved

• Resource Plan

A resource plan quantifies the exact number of resources required to complete the project efficiently. A typical documented resource list contents include the amount of labor, equipment, and materials required to complete the project in a quicker way

• Risk Management Plan

Finally, a risk management plan is prepared so that you can foresee risks pertaining to the project, which might delay or stop the progress of the project. Also, a solution should be strategized in case the impediments are difficult to eliminate so that there is a minimal delay in the progress.

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Phase 3: Project Execution

“To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” ― Steve Jobs

Execution is the quintessential part of every project. Let us go through the parts of execution.

• Proper workflow maintenance

Remember during your graduation, only you had done most of the work related to your project whereas other members of your team loitered around wasting time? Workflows are designed to address this exact issue. If the team members are briefed on workflows, everyone would have an equal share of work and no one will seldom end up getting overworked or underworked.

• Communication

Communication is inevitable, you can’t avoid it in any profession. The teams should be given necessary guidance and training in accordance with the project. Also, the project manager must provide necessary updates to the stakeholders of the project so that they are in the loop if you make a quick decision by ascertaining the ground situation.

• Quality and timeline

Sometimes, project managers tend to forget that the quality of deliverables is one of the most important aspects of the project. The timeline of the project should always be maintained so that it does not exceed the deadlines and reviews should be conducted frequently to remove any impediments which might delay the process.

Read: Avoid critical mistakes while managing a project

Phase 4: Project Closure

This is the final phase in the project management and it has 2 parts.

• Project Closure

A Project Closure Report (PCR) is documented when a project is ready for closure. A PCR confirms that all the objectives related to the project have been met, deliverables are handed over to relevant customers on time. PCR is created so that all loose ends are tied up and then it is submitted to upper management for further evaluation.

• Project Review

After the PCR has been submitted, the project manager should conduct a post-project review to determine things such as:

• Whether the project was successful
• Analyzing the team performance
• Accounting for unused budget or making a detailed report of expenses in case the project exceeded the budget
• Implementing the things learned here to future projects

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Conclusion

We would like to conclude that project managers are the key to handling every project. They are the medium between the stakeholders of your organization and the project team members. Hopefully, our blog will help to break the stereotypes pertaining to project managers.

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