Project Life Cycle

No matter what project size you are working on, it's crucial to establish a solid foundation for the project's success. But, it can be tricky to understand where and how to begin. A fundamental step towards success can be understanding the project life cycle: a set of stages the project goes from in and out.

Keep the projects organized and on track with the initiation to close with the project life cycle phases. No matter the size of the project, from a small project to a big multi-departmental one, the project life cycle is helpful to each team.

What is the Project Life Cycle?

The project life cycle helps the project managers to overview the successful competition of their projects with a structured approach. It consists of all the stages required for the project.

Once project managers understand the different project phases, they can understand how to handle each stage and drive for better results. By breaking down each phase, the project will be simpler, and the project managers will be able to foresee what's upcoming. 

This is useful for them to track progress and secure project success. It is important to use the right methods and tools for effective team management. Project managers can use this structured approach to create, execute, and finish a project successfully.

The project life cycle has five main stages: initiation, planning, execution, monitoring and controlling, and closing. Each stage is important in achieving the organizational goal and outstanding project deliverables.

Five Project Life Cycle Phases

The project life cycle describes the project path from beginning to end. These phases inform you of the project's needs and progress. The cycle offers a comprehensive view of the project expansion and ensures you achieve an important breakthrough.

Throughout the phase, project managers monitor and control the team efforts, modify work as needed, track progress, and align the project within budget and on scheduled time.

Even though the project size or number of phases may differ, the three phases will always stay in common. They are planning, execution, and closure. The main lookout is that the project must have a structured pattern that helps the team manage resources, agenda, and deliverables when the project moves from one stage to the next.

Below are the Five Project Life Cycle Phases:

1. Initiating

The project manager and team will determine the project during the initiation phase. They will evaluate the project goals, define the scope, and understand the resources required. They will also determine what and how the roles need to be segregated in the team. 

Analyze the stakeholders' expectations for the project. What is the project's aim? What does it want to achieve, and why? This will help the team be motivated and have a clear vision.

This is an essential phase of the project's success. Without accuracy, it will be difficult to understand the project's needs, desired outcomes, and risks.

There are some steps included in the initiation phase:

• Connect with stakeholders to grasp the objective and desired outcomes of the project
• Recognize the scope of the project
• Regulate SMART goals (specific, measurable, achievable, relevant, and time-bound)
• Understanding resources like budget and deadlines
• Acknowledging team size and roles to be assigned
• Determining the stakeholder's involvement and roles throughout the project

2. Planning

The planning phase is one of the important phases; here, the team determines the steps to accomplish the project goals and how to complete the project successfully.

The team establishes budgets, deadlines, milestones, source materials, and required documents. This step also involves calculating and anticipating risk, initiating the change process in the organization, and sketching out communication protocols. 

Once your team has completed the initiation phase, the planning phase will automatically align in the best way possible.

Below are a few planning phase steps:

• Conclude the breakthrough to set the margin for goal completion
• Develop a schedule for tasks, with estimated time and potential buffer time (if required)
• Implementing change processes
• Understanding  how often to communicate with team members and stakeholders
• Draft and sign documents such as non-disclosure agreements (NDAs) or requests for proposal (RFPs)
• analyzing and mitigating risk by creating a risk memorandum
• Initiate a meeting to start the project

Also, know: Project Planning Steps

3. Execution

In this phase, your plan is put into action, and the team is tracked. Usually, the manager tracks and measures progress, alleviates risk, manages the budget, and uses data to make informed decisions. 

Let’s have a look at the steps:

• Using tools to track task's progress
• Acknowledge the risks and take action as required
• Keep track of costs
• Encourage team members to be motivated on the task
• Informed stakeholders about the progress

4. Monitoring and Controlling

Only planning and executing the project is not enough; one must monitor and control on a timely basis to review the project's progress and team performance to ensure everything is as per the project plan.

In this phase, the project manager diagnoses any fluctuations in the plan and budget and understands the cause to take disciplinary action. 

Tools such as status reports, time tracking, budget reports, and risk management plans make it easy to understand effectiveness. To make changes in the project, team members need to send a change request for confirmation.

5. Closing

The closing phase of the project lifecycle is not just about concluding project activities and delivering the final product or service. It's a moment to reflect on the journey, to acknowledge the team's hard work, and to celebrate their achievements. This recognition and celebration of their efforts not only make them feel appreciated but also motivate them for future projects.

Steps included in the closing phase are:

• Overseeing back-dated information and taking  notes of changes that can be equipped in future projects
• Updating stakeholders with the impact report at the end of the project
• Understanding the new owner's viewpoint on the project
• Drafting project closeout report

Benefits of Project Life Cycle

Adequate project life cycle management systemizes the process in numerous ways:

Enhanced Project Visibility: Teams can ensure timely and best-quality results by removing anticipatory obstacles.

Improved Risk Management: Teams can forecast early risk detection and take precautions accordingly. Timely risk checks ensure projects are on time and avoid failure and delay.

Better Communication: With routine updates, progress reports, and meetings, the team stays informed and involved throughout the project life cycle, helping to establish better communication in the organization.

Final thoughts

Profound knowledge of the Project life cycle and its phases will advance your project and show your efficiency as a project manager in the organization. Learning the steps and tools used in the project development process can upskill your project. The organization can follow this project's life cycle phases and make the most of it. Enrolling and completing courses like PMP® certification training will help you learn more about project management, project life cycle, and more.