Project Lyfecycle: 5 Stages of Project (E)
What is the project? How to select and justify the project? How to plan and execute the project?
Posted: Sep 2010
Once the project team is formed, the activities on project planning and execution can beggin. There are 5 stages of project development within project lifecycle.
1. Initial Phase
4. Monitoring and Control Phase
5. Closeout Phase
The team is using project management tools for initial and planning phase. During the execution phase of the project the Project Leader establishes project meetings with the team. Progress reporting is issued toward the team, client and management. The team is using all relevand project management tools during the execution phase as well. At the completion of the project, the Project Leader is responsible to complete project closeout, lessons learned, and other project completion duties such as document archiving etc.
Successful completion of project require sufficient knowledge from areas of technical skills and project management. Around 70% of effects comes from the knowledge of project management.
The most of the projects brings 4 biggest concerns to project manager: Project Scope, Deadlines, Projects Costs and Quality. The success of the project require compliance to these chalenges. Every project should fullfill the project objectives and compliance at least to 3 out of four chalenges.
Continue on Project Management:
1. Project Management Overview
2. 9 Areas of Project Management
3. Project Lifecycle – 5 Stages of Project
4. How to Determinine a Value of the Project?
4.1. Simple Payback
4.2. Average Return on Investment (ROI)
4.3. Net Present Value (NPV)
4.4. Internal Rate of Return (IRR)
4.5. Cost/benefit analysis
4.6. Time value of money
4.7. Present value of future payments
4.8. Justification of Addopted project
5. Project Planning – Project Charter
6. Work Cascading Structure (WBS)
7. Project Scheduling ( Arrow-on-Arrow and Gantt Chart )
8. Project Scheduling ( CPM and PERT )
9. The Responisbility Matrix
10. Resources and Budget Planning
11. Clasification of Projects