Project Management: Five Phases

Project Management: Five Phases

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The five phases of project management are conception and initiation, planning, execution, monitoring and project closure. Project initiation marks the beginning of the project. In this phase, the project is defined holistically. The level involves thorough research on whether the project is feasible and whether it should be undertaken. A stakeholder input is critical at this stage. Project initiation document is developed where the purpose and requirements of the project are determined. Project Initiation Document should include business needs, stakeholders input and business case development. In this phase, all project data are weighed and specifics determined based on research outcomes, other projects in the same field are analyzed to determine project requirements and prepare for the roll out (Boulmetis & Dutwin, 2014).

Project Management: Five Phases

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Phase two: project planning
In this period, development of project roadmap is developed; project goals are set using SMART goals (Specific, Measurable, Achievable, and Realistic and Timely). This is the initial step in building your goal an actuality. Another method is the precise approach: this method ensures that goals are vetted, well defined, and projects implications are analyzed. At this step, who, what, when, where, which and why is determined (Kerzner, 2013).
The most attainable and realistic goal is determined and the genuine time frame is set. Project goals should encourage employees to work together and personally within the limited time-frame. Scope management defines the business needs, the objectives; deliverables and key milestones are also set. In this phase, work breakdown schedule (WBS) is developed where the scope of the project is broken down into manageable sections. High-level goals that need to be met are set and identified. Communication plan and the schedule are developed in this phase.

Project Management: Five Phases

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Phase 3
In the third phase, key deliverables are created, developed and completed. Meetings are done, status reports presented, performance updates and any other development updates are presented. Tasks in this phase include the development of a team, assign resources, and execute plans, procurement, tracking systems; project schedules and status meetings are done in this phase.
Step 4
Project performance monitoring: in this phase, project progression and performance of the project is identified through KPI to determine if the project is on track, which might be best to implement. The KPIS include measuring if project objectives are on schedule, whether specific tasks deliverables have been met, cost and effort are tracked, and project performance is evaluated.

Project Management: Five Phases

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Phase 5
In this phase, the project has been completed, and it is closed. Success is evaluated, and project failures are analyzed so as to learn valuable lessons and to improve future projects. The final report is compiled. In this phase, managers create a punch list of things that were not accomplished during the project and work to complete them.
Key Project Deliverables
Project Deliverables are tangible and intangible items produced as part of a project and have due dates. Key deliverables of a plan form the primary project objectives. The deliverables are divided into project and process deliverables. Project deliverables are designed to produce specific outcomes based on specific needs. Process deliverables are the means through which processes are managed and executed. Key process deliverables include project business case, statement of governance plan, project schedules, project budget and project reviews.
Project deliverables are accurately determined based on the nature of the project and form the purpose of the cost of the project, time to complete the project and the alternatives to deliver the project. Furthermore, process deliverables are determined based on the type of deliverables requires completing the project, time, formats used, the responsible person for planning, productions, implementation and how each deliverable will be maintained. All deliverables should be appropriately and thoroughly defined (Zhu, 2014).

Project Management: Five Phases

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Feasibility study
The company should implement the Palomino Project. Conducting feasibility study assists in determining the variability of the idea technically, legally, and economically. The Palomino project seems more viable. From the plan, it will generate consistent profits from the first year right through its lifespan. Basing on return on investment, this project will break even within one and a half years based on the initial investment cost a project is a perfect option for investment since it has a higher lifespan and safe return. Hence the bets project to implement based on the above key points is Palomino.

References
Boulmetis, J., & Dutwin, P. (2014). The ABCs of evaluation: Timeless techniques for program and project managers (Vol. 56). John Wiley & Sons.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Zhu, J. (2014). Quantitative models for performance evaluation and benchmarking: data envelopment analysis with spreadsheets (Vol. 213). Springer.

Project Management: Five Phases

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By admin in Essays on February 8, 2017