FROM CONCEPTION TO COMPLETION: THE PROJECT MANAGEMENT LIFECYCLE
Every project comes with its peculiarity and demands. Some projects last longer than others and demand more man-power than others. Regardless of the kind of project, every project has the same lifecycle and follows the same trend of execution. The project management lifecycle is not hinged on how much time is spent in execution, neither is it dependent on the complexity of the project. The project management lifecycle is an organized system of handling projects for efficiency and maximum results. Our management team at PCS understand the principles and step-by-step approach to achieving an excellent project and we are willing to work with you to replicate better results. The project management lifecycle can be defined as an organized system of processes divided into various stages for the purpose of project completion.
The project management lifecycle comprises the following stages, each working as a functional unit necessary for successful project completion:
- Project initiation stage
- Project planning stage
- Project execution stage
- Project monitoring and control stage
- Project closure stage
These stages are crucial to the success of any project whether it is infrastructural or human resource related. Statistics from an analysis carried out by project management institute, U.S, revealed that for every one billion dollar invested by companies in the United States, one hundred and twenty two million dollars gets mismanaged and wasted due to lack of proper project management. These wastages can be prevented with effective project management skill, especially one that stays completely flexible and takes the risk off your shoulders- PCS, PMaaS.
- Project initiation: this is the first phase of managing your multi-million dollar project. “Great projects often start with great hopes and expectations, but if a project isn’t initiated correctly, it can drift off course and head for disaster.” Stephanie Ray, 2018. No statement best describes the necessity of initiating a project than Stephanie’s. It is necessary that project managers understand the science of excellent project initialization, as it influences in the long run the other phases of the project. A project initiation is the definitive stage of a project. It is the point where an opportunity is identified and a project designed to harness the opportunity. In the initiation stage, the project manager states the goal of the project, what kind of value the project hopes to deliver, the risks attached to the project and how well the project can increase organizational capital. A good project initiation attracts partners and even sponsors who see the importance of embarking on such a project. For example, a company that intends to begin production, processing and exporting of rice as a project, has to, as past of the initiation stage of the project, state succinctly the value they intend to give and receive from such a project. Likewise a firm that intends to build a new branch office as a project. Without project initiation, the next stage of project management-planning becomes ineffective and would not be able to fully foresee all there is to plan for and against for a project.
- Project planning stage: this stage follows the project initiation. It builds on the well thought out goals of the project to provide project team with a clear roadmap of the various activities and effort needed to get the project done. This stage requires that project managers be as accurate as possible in estimations and forecasting because project execution resources would be provided based on the output from the planning stage. Because this stage is a critical one, project managers do not work alone to draft out the plan. They involve the technical know-how of the various members of the team to create the technical design, task list, resource plan, communication plan, and budget and project schedule. The characteristic of a good project plan is in its ability to be easily understood by everyone. For consistency, it is advised that a project be revisited regularly to help. PCS as a project management firm is versed in the development of qualitative project plans, one that stays consistent to not just your project goals, but your organization’s value system
- Project execution stage: this stage requires the ability to carryout tasks according to laid out plan. It is usually the longest phase of the project. It involves utilizing both human and physical resources to achieve the goal. The project management body of knowledge states that “the executing stage consists of those processes performed to complete the work defined in the project management plan to satisfy project specifications.” This stage is unsuccessful if the planned product is not delivered to the specified client. This is why great care should be taken to ensure that execution follows laid out plans. The project execution stage for a company that intends to produce process and export rice is the point where the rice is produced, processed and sold. Project execution is the most important part of the project and should be handled effectively. It determines the profitability of the venture and secures or destroys a project manager’s credibility. This is why PCS with our PMaaS framework was created; to ensure projects move from planning into excellent execution.
- Project monitoring and control stage: we at PCS believe that the processes involved in every project execution, needs to be carefully followed and monitored. The reason for building a control structure around project execution isn’t because we doubt the competence of project managers, but rather to aid the project managers’ effort in executing a project. The control stage serves to protect a project execution stage against optimism bias, manual estimation errors, insufficient historical data and delay in execution. The project control stage troubleshoots the project management process and alerts the manager of problem areas, enabling corrections. This stage focuses on existing data and performance analysis. With a good control stage, your project is sure to get done in record time.
- Project closure stage: the final phase of a project where the output of the project is handed over to the designated owner or client after successful completion and achievement of project goals. It is at this stage that contractual obligations between come to an end.
This is where PCS comes in
As an organization, we offer flexible project management services that are tailored to a client’s specification and satisfaction. We exist to create a profitable middle ground between project managers and firms. All contractual obligations rest within our jurisdiction and we insure clients against incomplete execution of projects. We supervise every project from conception to completion and seek to see our clients happy. To learn more about our service offerings, subscribe to our newsletter below.