Understanding the Project Life Cycle: From Idea to Impact
If you’re just getting started in project management, you may feel intimidated about starting a new project. Fortunately, understanding the project life cycle can help you start your project with confidence and achieve the best results in the short and long term. The project life cycle is a roadmap that contains a set of stages that projects go through from start to finish. Each stage plays an effective role in the success and continuity of the project.
In the event of any kind of crazy left turns that the project may take, the project life cycle provides you with a reliable structure to return to at any time and get your project back on track. The project life cycle consists of 5 stages: initiation, planning, execution, monitoring and control, and closing.
Continue reading this article to discover what the project life cycle is, its importance, and to learn more about each stage of the project life cycle, so that you can manage each stage correctly to achieve the best results. You will also learn about the most important training courses offered by the Leoron Institute to help you manage your project professionally.What is the Project Life Cycle?
The project life cycle represents the stages that a project goes through, which are essential to the effective success of that project. It defines the order of processes and stages that a project goes through upon completion, and describes the high-level workflow of the project. These five sets of project management phases, initiating, planning, executing, monitoring and controlling, and closing, have been identified, which come together to form the project life cycle.Importance of Project Life Cycle
The importance of the project life cycle
The importance of an effective project life cycle lies in streamlining processes in several ways, including:
Improved project visibility: Teams can proactively remove obstacles to ensure high-quality, timely outcomes, enabling more effective decision-making.
Better risk management: Teams can spot risks early and find solutions. Regular risk checks ensure projects stay on time and avoid costly delays or failures.
Improved stakeholder communication: Through regular updates, progress reports, and meetings, participants stay more informed and engaged throughout the project life cycle.Project Life Cycle Phases
Project life cycle phases are smaller parts of a project that represent distinct goals or milestones in the larger project life cycle. The project life cycle consists of 5 phases, as defined by the Project Management Institute:
- Project Initiation
- Project Planning
- Project Execution
- Project Monitoring and Control
- Project Closing
Project Initiation Phase
- The first phase of the project life cycle, it involves holding a project kick-off meeting with your team and the client and getting their commitment to start the project.
- During the initiation phase, the project idea is defined, the project sponsor evaluates it and allows the project to move forward. The project manager begins the documentation process, which includes risks, estimated costs, and resource requirements.
- The project charter is the first formal definition of the project, it establishes the project manager’s authority, and documents the requirements, project milestones, and success criteria.
Approval of the project charter signals the project’s progress to the next phase, the project planning phase.
Project Planning Phase
Once expectations and success criteria are clear, the next phase of the project management life cycle focuses on planning each task the team needs to do to cover the scope, achieve the results, and meet the overall goal.
The project plan is one of the main deliverables and contains a detailed work breakdown structure or task list with start and end dates, estimated effort, and duration. The plan outlines milestones, resources, and a timeline.
Project planning is an iterative process, so the project manager and his team should review and revisit all plans at least once a month until the project is complete.
Project Execution Phase
The phase where the project team executes and follows up on tasks based on the project plan, such as coordinating with people, helping to ensure quality of work, tracking resources, and updating stakeholders.
During the execution phase, the project manager tries to manage each task and project delivery aspect to keep the project on track for the remainder of the project life cycle.
Quality assurance documents, meeting minutes, and work orders are some of the documents that are created during the execution phase.
Project Monitoring and Control Phase
This is one of the most important phases of the project life cycle, as it represents critical times that can determine the success or failure of the project. The best way to ensure progress and improvement is to track and review project performance.
At the same time as execution, the team tracks project progress against the previously developed project plan to ensure the project stays on schedule, on budget, and within scope.
The project team tracks change management documents, spending logs, quality assurance checklists, and tracks team time and resources throughout the project lifecycle, and checks them against the project plan.
During this phase, the project manager also tries to identify issues or risks, create a mitigation plan with the team, and regularly report the project status to stakeholders.
Project Closure Phase
This is the final phase of the project lifecycle, where you can finally execute your great project plan, and complete all activities. These activities may include delivering the final product, fulfilling contractual obligations, finalizing relevant agreements, and releasing project resources.
In this phase, the project manager informs all stakeholders of the final status and condition of the project, and informs participants and stakeholders of any ongoing follow-up or product lifecycle activities so that they can communicate and coordinate with the responsible people.
It is a good idea to organize and store project materials in a shared folder for the team, as these materials can provide a reference during performance evaluations.
The most important training courses from Leoron Institute help you understand the project life cycle
At Leoron Institute, we are keen on your complete and clear understanding of the project life cycle, and we care about developing skills in all areas of project management while enhancing your organization's ability to manage key partners and build quality measures in each project through several accredited courses in the field of project management presented by global and accredited experts. The most important of these courses related to the project life cycle are the following:
C-PMO-P Certified Professional in Project Management Office
Creating a project management office may seem like a daunting task, but this course can help by providing a logical model for establishing a project management office and using it to deploy project management products and services throughout an organization. This is a practical course that uses case studies and participants’ own situations to give a practical understanding of the theory covered.
Course Details:
Presented by certified project management experts
Course Duration: 5 Days
Certification: Certified Professional in Project Management Office
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SIPM International Strategic Project Manager
This highly interactive program, accredited by the Society of Senior International Project Managers (ASIPM™), provides experienced project managers with the latest trends, methodologies, tools and skills to effectively manage projects in today’s global environment, as well as sharing international best practices, standards and case studies of project management relevant to the region and participants’ industries.
Course Details:
Delivered by certified project management experts
Course Duration: 5 Days
Certification: International Strategic Project Manager Certificate
Get your International Strategic Project Manager Certificate now
CAPM Certified Associate in Project Management
The CAPM certification is recognized for practitioners beginning their project management careers as well as project team members who want to demonstrate their project management knowledge. This certification is valuable for beginners, and ideal for less experienced project practitioners who want to demonstrate their commitment to project management, improve their ability to manage larger projects, gain additional responsibilities, and stand out to potential employers.
Course Details:
Presented by Certified Project Management Professionals
Course Duration: 4 Days
Certification: CAPM Certified
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Oxford Strategic Projects Leadership Programme Course
The Oxford Strategic Projects Leadership Programme offers a contemporary approach, equipping teams with the strategic project management and leadership skills needed to ensure successful project delivery. This programme helps companies understand the project lifecycle and the benefits of strategic project leadership and provides the tools to redefine and achieve organisational success in today’s volatile and complex environments.
Course Details:
Provided by Saïd Business School, University of Oxford, in collaboration with GetSmarter, an edX partner
Course Duration: 1 month
Certificate: Certificate from Saïd Business School, University of Oxford
Enrol now for the Oxford Strategic Projects Leadership Programme Course
PMP® Project Management Professional Course
This course is an interactive workshop to prepare for the Project Management Professional (PMP)® exam. Project leaders and participants will learn the important advanced principles of project management and how to apply them effectively. Attendees will enhance their proficiency in planning and controlling projects; improve their project leadership, communication and stakeholder management skills; and master the art of project quality management. This program provides participants with the knowledge necessary to excel as a project manager, as well as a member of a project team.
Course Details:
Presented by Project Management Experts
Course Duration: 5 Days
Certification: Certification from the world's largest non-profit association for the project management profession
PQM Project Quality Management
This course follows the presentation of the project quality management processes and tools from the recently released sixth edition of PMI's PMBOK Guide, but enhances them with real industry cases and experiences. This course is of interest to all professionals involved in project planning and execution, or in technical areas that are often involved in assessing the quality of project deliverables. It also provides valuable insights and a fresh perspective for quality professionals involved in project quality assurance and control.
Course Details:
Presented by experts in project quality management
Course Duration: 5 days
Certification: EDX Certificate from Delft University of Technology
Register now for the PQM Project Quality Management course
Having a good understanding of the project life cycle and following it professionally ensures that you know the main steps to take at any point in the project to keep it on track and moving forward. So, above all, you should seek to know the stages of the project life cycle and understand the role of each stage in the success and continuity of your project. Come on, hurry up and get one of the training courses provided by Leoron Institute to enhance your project management skills and ensure the success of the project.