Are you in need of a tool that helps manage your entire business and tasks in one place? Then you are in luck as we are going to discuss the project Lifecycle here in this article.
Here in this article, we will be looking into the main concept of the project lifecycle template. We will also be looking into the phases of the project lifecycle and its min features as well.
What is Project Lifecycle?
The first question that comes to mind is what project lifecycle is and how it helps in managing a project. The project lifecycle basically consists of four phases. These steps are mainly the same for all the projects with a little alteration in them.
But no matter what kind of project you are dealing with the standard lifecycle remains same for each one of them. The project lifecycle template provides a track to follow for the project to reach success. This is a very important tool for the successful completion and keeping the project on track during its lifecycle.
Thus, to make this tool work and get benefit from it you need to be familiar with the stages of the project. A better understanding of all the processes and phases of the project makes sure you don’t face any hitches.
Each phase of the project lifecycle has a goal and must be fulfilled at the end of every phase to avoid any unwanted issues end a project.
In the guide for project management, the Project Management Book of Knowledge (PMBOK) says there are few vital things that need to be in a project lifecycle. Those things are as follows:
- The work which needs to be done must be clearly defined and documented.
- Make sure to pick the best team to work on the project and make a final list of all the team members.
- The project deliverables must also be taken into consideration.
- The checking and monitoring on each step of the way are essential.
Phases of Project Management Lifecycle
The project must be divided into smaller steps to achieve the project goals and objectives. That is the reason the project is splatted into different phases which are initiation, planning, execution, closing, and finally monitoring. All these phases collectively represent the path to follow and makes things easy and achievable. 2
- Initiation phase
The first phase of the project life cycle is the initiation phase, as the name suggests it’s the starting point. In this, all the needs and objectives are identified and examined. This provides batter opportunities and helps in making batter adjustments.
At this point, an important process is to conduct a feasibility study to see the worth of the project. This id in finding out the status and befit of working on the project under consideration.
Furthermore, at this point after conducting the feasibility study needed alterations can be made for the project to run smoothly without any issues.
This stage gives you the answer to questions like should we do this, or can we do t his project. Thus, this is the project finalization step and similarly kick start the project. This is also known as the beginning or opening phase of a project and I of great significance.
- Planning phase
After the initiation phase, the next one is the planning phase and is also one of the imperative phases. This includes planning and developing the different steps of tasks in the project.
As we know, better planning always leads to better results, that’s why you must give proper attention to this phase. The project execution mainly depends on the way you have planned it.
This is the point where you make strategies and find out what work needs to be done and when. One of the parts of this step is to conduct and scope management study.
This highlights the tasks, procedures, and other important work which need to be done for the completion of the project. The budget and resources are also planned and finalized in the planning phase. The scheduling and estimation are two important feature which needs to be completed int this phase.
This is the best point to pining any existing or underlying issues in the project and get them eradicated.
- Execution phase
The next level is known as the implantation or execution phase. Now is the time to work or the planning and arrangements you have made in the last step. As shown by the name this phase finally and authentically starting of the project.
The key to ace this phase is to do batter bonding and communication with the project team so the project can be executed efficiently. Quality management is the most important factor of this stage and must not be neglected.
- Closing phases
The finalization stage towards the completion of the project is the closing phase. This stage is important and makes sure that the project reaches the finishing line on the decided time.
This stage of the process mainly focuses on finalizing and delivering the deliverables of the project.
Project Plan Documentation Templates PMBOK
Every stage of the project is important in its own way and plays a specific role. If the processes are doing well and there is no issue, then it ensures the successful ending of the project.
Following are some Important Project Life-cycle Templates using in project Planning and management:
Project Charter: A document that explains a project in a brief description that includes project goals, mission, expected outcomes, stakeholders, task, timeline, and milestones.
Work Breakdown Structure (WBS): A technique in which we divide the whole project plan into small parts of tasks and assign them to project employees.
Communication Management Plan: In this plan, we make a communication plan that helps employees within the organization to understand to whom they can contact in case of a query or emergency. This is the communication hierarchy.
Risk Management Plan: Every organization has its own type of risk management plan that they utilize in case of risk or when they facing threats during the process of project execution.
Scope Management Plan Template
The scope of the project is an important aspect of the project and needs proper attention. There is a tool available used for managing and finding out the scope of the project.
This tool mainly finds out that the project is worth spending the time and money on or not. This includes the information of the project work breakdown structure to see the processes and their scope in detail.
Simply it will allow you to see what needs to be done and when. You will also get an idea of the success of the project by finding its scope.
So, depending on the information you get from this tool you can get an idea of the worth of the project. furthermore, you can also make helpful decisions and alterations in the project plan to make it work better.
Resource Management Plan Template
Resource management is one of the vital components and must be done properly using a suitable tool. As we know in the project includes quite a lot of resources, and it needs to Make sure they are well utilized and do not go to waste.
At this point, you cannot show any laziness, as mismanagement can cause a lot of loss. As the project proceeds the resources must be monitored each step of the way.