The main purpose of project management is to achieve all of the project goals while taking in to account the constraints of the project.
Typical constraints associated with a project are time, scope, and budget. The secondary goal of project management is to streamline the project management process ensuring that resources are allocated correctly and all the processes are streamlined to make sure the project is completed on time and within the budget.
5 Phases of the Project Management LifecycleThe phases associated with Project Management fall into five categories including:
Phase 1: InitiationInitiation phase of the project management lifecycle involves the initial start-up processes of a project. This phase is where the project’s scope and purpose are defined, justified, and implemented.
- Team members and managers are appointed
- Feasibility of the project is studied
- Documentation is collected
- Setting up the Project office
Phase 2: PlanningThe planning phase is the most crucial stage of the project management lifecycle. This phase is where the project documents are finalized in Primavera P6 software and given to the project team members to be used to complete the project. The planning of a project involves the creation of five smaller plans including:
- Project plan
- Resource plan
- Financial plan
- Quality plan
- Acceptance and Communications plan
Take a Look: Primavera P6 EPPM vs PPM Differences
Phase 3: ExecutionThe project execution phase is where the work is started and completed. Once the project plans are set, construction begins on the project and the processes are compared against the baseline throughout the building of the project. The project team members use Primavera P6 software to
- Report work in progress
- Status of the Schedule
- Compare Projected start/ finish date against actual start/finish
- Compare Projected cost against actual cost
- Compare Projected resource usage against actual resource usage
Phase 4: ControlThe control phase of the project management life cycle is where the project team members look at the results and decide whether the project is on track or behind schedule.
Project team members then use a project management tool, such as Primavera P6 software, to analyze the schedule and evaluate the project.
The team members will compare the baseline schedule against the actual schedule and make a recommendation to improve the health of the project.
If the project is behind schedule, the project team members will go into the Primavera software application, modify the project data, and then re-forecast the schedule. Then, the team members can go into Primavera P6 software and utilize the Claimdigger functionality to outline the changes made between the two schedule updates.
Phase 5: ClosingThe Closing process is the final phase of the project management life cycle. In this phase:
- Project team members document lessons learned
- Determine if the project can be used as a baseline for other projects
- Deliver the final product to the stakeholders
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