Five Phases of Project Management Essay

1332 Words Oct 30th, 2012 6 Pages
Week 3 Assignment – Five Phases
Project Management Strategy
November 5, 2012

Five Phases of Project Management
Life cycle management is a business management approach that can be used by all types of businesses (and other organizations) to improve their products and thus the sustainability, employing the principles of project life cycle – the five phases of project management, which consists of, initiation, planning, execution, monitoring, and closure.
Iniation Phase
The first phase of a project is the initiation phase. During this phase, a business problem or opportunity is identified and a business case providing various solution options is defined. Once the recommended solution is approved, a project is initiated to deliver the
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This phase is the basis for the successful execution of the subsequent Executing phase. The planning phase is also the phase where, definition of work packages, detailed planning, clarification of responsibilities, risk analysis, and interfaces are defined. Project Planning marks the completion of the Project Plan –i.e., no work is left uncovered.
Execution Phase
Execution. This is where the project team does the work to crate the final deliverables of the project. It is the largest part of most projects and it goes far better if adequate time was taken to properly plan the work of the project (Reynolds, 2009). Resources' tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information (Project Plan Execution, 2009).
During the Execution phase, the project manager spends a considerable amount of time in communication making sure the resources (people, equipment and materials) are available to do their work and know what work needs to be completed. There is a significant amount of work in this phase, as a project manager works to juggle many aspects of the project. During this phase, you'll use all of your management skills to implement and manage cost and quality, risks and change, and several other factors (Reynolds, 2009).
The next phase of the Project management life cycle is monitoring. Successful Project Management Principles & Controls are summarized as three main methods;
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