What is the project life cycle?

The project life cycle includes the steps required for project managers to successfully
manage a project from start to finish. There are 5 phases to the project life cycle
(also called the 5 process groups)—initiating, planning, executing,
monitoring/controlling, and closing. Each of these project phases represents a group
of interrelated processes that must take place. 

Initiating phase
The initiating phase of the project life cycle consists of just two separate processes:
the project charter and stakeholder register. The point of this phase is to determine
the vision for your project, document what you hope to accomplish, and secure
approvals from a sanctioning stakeholder. The key components of the project
charter include:

 Business case
 Project scope
 Deliverables
 Objectives
 Resources needed
 Milestone plan and timeline
 Cost estimate
 Risks and issues
 Dependencies

When you take the time to establish a clear and cohesive vision, think through who
should ideally be involved in bringing the project to life, and secure the resources
you’ll need up front, you give your project a strong start that sets the stage for
everything that comes next.

Planning phase
The planning phase process group is where you build the project infrastructure that
will enable you to achieve your goal within your predetermined time and budget
constraints, starting with a project management plan, project scope, work
breakdown structure and more—and wrapping up with qualitative and quantitative
risk analyses and risk responses. This is your detailed roadmap—your blueprint for
success. When you reach the end of this phase of the life cycle, everyone on your
team will not only understand the vision of the project, they’ll also understand
precisely what they need to do to reach the finish line on time and within budget.

Whitepaper: The Complete Guide to Planning Creative Projects

Ebook: 3 Strategies to Plan Successful Marketing Projects

Executing phase
The executing phase is where the rubber hits the road—where most of the budget is
allocated and most of the project deliverables are produced. You take your project
plan and put it into action, whether that takes weeks, months, or even
years. Villanova University defines the goal of this phase as, “managing teams
effectively while orchestrating timeline expectations and reaching benchmark goals.”
The executing phase often includes team development, stakeholder engagement,
and quality assurance activities, either on a formal or informal basis.

Monitoring and controlling phase

The monitoring and controlling phase involves keeping an eye on the actual
progress of the project against your plan and taking corrective action where
necessary. No amount of perfect planning will exempt you from the need to be
constantly vigilant with tracking and reporting. You know what they say about the
best-laid plans, after all. 

Blog: Helping Your Team Manage & Track Time

Blog: 4 Simple Ways to Keep Creative Projects On-Track

Closing phase
The closing phase is the final phase of the project life cycle includes just one solitary
process, and it’s more than simply checking off the project as done. It’s essential to
formally close the project and secure a sign-off or approval from the customer,
stakeholders, and/or project sponsor. This process might include:

 Delivering the project

 Hosting a post-mortem meeting
 Archiving project records
 Celebrating or acknowledging the achievement
 Officially disbanding or releasing the team

The importance of this final step of the project life cycle can’t be overstated,
especially as more organizations are adopting the Hollywood model of work, where
temporary teams come together around a specific project, and then disband and
regroup for another project, much the way film crews operate. Every film production
ends with a “wrap party,” and so should every major work project.

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Project management is important because it ensures what is being

delivered, is right, and will deliver real value against the business
opportunity. Every client has strategic goals and the projects that we do for
them advance those goals.

1. Strategic Alignment
Project management is important because it ensures what is being delivered, is
right, and will deliver real value against the business opportunity.
Every client has strategic goals and the projects that we do for them advance those
goals. Project management is important because part of a PM’s duties is to ensure
there’s rigor in architecting projects properly so that they fit well within the broader
context of our client’s strategic frameworks.
Good project management ensures that the goals of projects closely align with the
strategic goals of the business.

In identifying a solid business case, and being methodical about calculating ROI,
project management is important because it can help to ensure the right thing is
delivered, that’s going to deliver real value.
 2. Leadership
Project management is important because it brings leadership and direction to
projects.
Without project management, a team can be like a ship without a rudder; moving but
without direction, control, or purpose. Leadership allows and enables team members
to do their best work. Project management provides leadership and vision, motivation,
removing roadblocks, coaching, and inspiring the team to do their best work.

3. Clear Focus & Objectives

Project management is important because it ensures there’s a proper plan for
executing on strategic goals.
Where project management is left to the team to work out by themselves, you’ll find
teams work without proper briefs and without a defined project management
methodology. Projects lack focus, can have vague or nebulous objectives, and leave
the team not quite sure what they’re supposed to be doing, or why.
4. Realistic Project Planning
Project management is important because it ensures proper expectations are
set around what can be delivered, by when, and for how much.
Without proper project management and a solid project plan, budget estimates and
project delivery timelines can be set that are over-ambitious or lacking in analogous
estimating insight from similar projects. Ultimately this means witho
5. Quality Control
Project management is important because it ensures the quality of whatever is
being delivered, consistently hits the mark.
Projects are also usually under enormous pressure to be completed. Without a
dedicated project manager, who has the support and buy-in of executive
management, tasks are underestimated, schedules tightened and processes rushed.
The result is bad quality output because there’s no quality management  in place.
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10 common project management challenges (and how to overcome

them)
 Setting clear goals and objectives. ...
 Scope creep. ...
 Budget restrictions and changes. ...
 Lack of communication. ...
 Team conflict. ...
 Mismatched team skills. ...
 Absence of accountability. ...
 Impractical deadlines.

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Factors in Success
 Experienced Project Managers & Professional Project Team Leaders. ...
 Methodic Approach. ...
 Proper Planning. ...
 Adhere to the Best Practices. ...
 Monitoring & Control. ...
 Use a Professional Software. ...
 Effective Communication. ...
 Work with Commited People.

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Project management is the application of processes, methods, skills,

knowledge and experience to achieve specific project objectives
according to the project acceptance criteria within agreed parameters.
Project management has final deliverables that are constrained to a finite
timescale and budget. he distinctive characteristics of a project are as
follows.

 Objectives – Every project is started with some objective or goal viz. ...
 Single entity – A project is one whole thing. ...
 Life Span – No project can be ceaseless and indefinite. ...
 Require funds – ...
 Life Cycle – ...
 Team Spirit – ...
 Risk and Uncertainty – ...
 Directions –
 Uniqueness
 Flexibility
 Sub contracting
 Cost

____________________________________________________________

sources of risk in your project

There are two types of risk available:
1. Business risk (Risk of profit and loss) and
2. Pure risk (Insurable risk like fire, injury due to accident etc.)

Scope: It is always a risk; whether you have covered all the work required. It
will cost you if you have missed any important requirement.

Resource: This is also an aspect that is unpredictable; you can’t expect

availability of  resources as planned. The planned resources can be used for
some other projects as well, in that case you need to get someone new thus
creating a problem in both schedule and cost. Sometimes in quality also, in
case of inexperience.

Quality: The deliverable can be of poor quality due to some other imposed

factors, making it a huge risk.

Cost: Estimation of cost can be a risk in your project; if there is something you

have planned to purchase and if it is not available, it can prove costly, as you
have to wait for this particular item for a longer period.

Material and equipment risks:

Customer risks:
Scope risks:

Technological risks:

Delivery Risks: 

Unpredictable risks: 

Project management risks:

Resource risks: 

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Difference Between PERT and CPM

1. Project Evaluation and Review Technique (PERT)  :
PERT is appropriate technique which is used for the projects where the
time required or needed to complete different activities are not known.
PERT is majorly applied for scheduling, organization and integration of
different tasks within a project. It provides the blueprint of project and is
efficient technique for project evaluation .
2. Critical Path Method (CPM)  :
CPM is a technique which is used for the projects where the time needed
for completion of project is already known. It is majorly used for
determining the approximate time within which a project can be
completed. Critical path is the largest path in project management which
always provide minimum time taken for completion of project

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 10 common project management challenges (and how to overcome
them)
 Setting clear goals and objectives. ...
 Scope creep. ...
 Budget restrictions and changes. ...
 Lack of communication. ...
 Team conflict. ...
 Mismatched team skills. ...
 Absence of accountability. ...
 Impractical deadlines.

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The Importance of Project Management for an

Organization
. Strategic Alignment 
Mark Langley, the president and CEO of PMI, has said, “If your organization is
not good at project management, you are putting too much at risk in terms of
ultimately delivering on strategy.”

Strategic Alignment is the process of linking the organization’s structure and

resources with its strategy and the ultimate objective. 

2. Clear Focus and Objectives

Project Management is important as it comes up with a proper project plan for
achieving the strategic goals. 

If you leave the work of project management to your team you will see that
there would be no accountability, the team would be working without proper
brief, there would be a lack in focus, it could be possible that there are no
clear objectives due to not having a proper project description, and the
project can get stuck when any risk or problem arises.
 3. Leadership
A project manager is like a leader whose goal is to complete the project within
the time and budget and deliver what was promised or better. 

Doing a Project without Project Management is like sailing a ship of pirates

without captain Jack Sparrow. Without a leader, the pirates(in this case the
team) doesn’t properly know what they have to do. Leader guides the team
and help them to bring out their greatest work. Project Management provides
leadership, motivation, vision, removes roadblocks and inspires the team as
and when necessary. 

4. Project Planning 
he average overrun of projects was 27 percent, but one in six projects
had a cost overrun of 200% on average and a schedule overrun of
almost  70 percent. 
5. Reduced Costs and Quality Control 
In 2018, according to PMI, 9.9% of every dollar invested was wasted due to
poor project performance - that’s $99 million for every $1 billion invested. 

Project management reduces project costs by optimized use of resources,

improving efficiency, and decreasing risks. Therefore, even with the added cost
of a project manager, you stand to gain much more. 

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10 traits of highly effective project managers

 A strategic business partner. ...
 Stakeholder-focused. ...
 Generous with credit to others. ...
 A skilled motivator. ...
 Fully vested in success. ...
 Accountable and have integrity. ...
 An effective communicator. ...
 A well-respected leader.
 __________________________________________________________________________________

What is project closure?

The project lifecycle consists of five groups:  

 Initiating process group

 Planning process group
 Executing process group
 Monitoring and controlling process group
 Closing process group

The project closure process ensures that: 

 All work has been completed according to the project plan

and scope.
 All project management processes have been executed.
 You have received final sign-off and approval from all parties.

Project closure helps avoid: 

 Repeating mistakes on future projects and objectives

 Having final products or deliverables without dedicated
support and resources
 Failing to identify the team or individuals who will own and
maintain the solution following final delivery
 Creating liability issues resulting from incomplete payments,
contracts, or deliverables

7 steps to closing a project

1. Formally transfer all deliverables

The first step to closing out your project is to finalize and

transfer the project deliverables to the client. Go through your
project plan to identify all deliverables and make sure they have
been fully completed and handed off. 

2. Confirm project completion

Next, confirm the project is complete. It’s not enough to declare

a project done yourself. Each person involved needs to agree on
the project’s completion before you can formally close it out
and move on. 

If you skip this step, you may continue to receive (and be

charged for) change requests by the client.  

To confirm the project’s completion, you will need to obtain

approvals for the project deliverables (i.e., all stakeholders must
agree that you delivered on all parts of the project plan) with
official sign-offs from the project stakeholders. 
Be sure to document this step so you have proof that the
project close was formally signed off. 

3. Review all contracts and documentation

Once you have completed the project hand-off and received

approvals from the clients, you can begin closing out your
contracts. 

Review all the project documentation to ensure all parties have

been paid for the work and there are no outstanding invoices. 

4. Release resources

Formally release resources from the project, including suppliers,

contractors, team members, and any other partners. Notify
them of the end of the project, confirm any final payments or
obligations, and officially release them so they are free to work
on other projects. 

5. Conduct a post-mortem

A post-mortem or project review is one of the most valuable

steps of the project closure process. This is a time to review the
successes, failures, and challenges of the project and identify
opportunities for improvement going forward. 

As you begin your post-mortem, conduct a performance review

of the project. In other words, calculate the project’s
performance in terms of cost, schedule, and quality. 
 6. Archive documentation

Once you’ve completed your project post-mortem, you can

finalize all documentation (contracts, project plans, scope
outline, costs, schedule, etc.) and index them in the company
archives for later reference. 

Be sure to keep clear notes on the project’s performance and

improvement opportunities so you can easily reference and
implement them on similar projects in the future. 

7. Celebrate

Finally, don’t forget to celebrate! The end of a project is a big

accomplishment and represents the culmination of many hours
of hard work and dedication from a team of contributors. 

An end-of-project party is a great way to acknowledge your

team’s hard work and increase morale. Plus, a happy team is
more likely to work with you in the future so you can build on
your past successes and become a more effective unit going
forward. 

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Managing Project Teams
 Establish a balanced team. ...
 Ensure clarity and 'buy in' to the project objectives. ...
 Ensure line management support. ...
 Establish a team code. ...
 Recognise the stages of team development. ...
 Use a facilitator for critical meetings. ...
 Use all internal and external networks. ...
 Communicate with key stakeholders.

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A WBS matrix, formed by crossing a Product Breakdown Structure (PBS)
with an Activity Breakdown Structure (ABS),

Types of Matrix Organizational Structures

The main difference between these matrix structure types is the balance of power between the functional
manager and the project manager. Let’s see how they differ.

Weak Matrix Organization

In a weak matrix organization, the functional manager oversees all project management areas and is the
highest authority in the decision-making process throughout the project. The project manager on the
other hand has a much lower authority and has to answer to the functional manager.

Balanced Matrix Organization

In this type of matrix structure, the project manager has more authority than in a weak matrix
organization. The functional manager still acts as the primary managerial authority in the decision-making
process.

Strong Matrix Organization

In a strong matrix organization, the project manager has equal or more power than the functional
manager. The project manager has control over resource planning and task management.

ProjectManager Can Help you Run a Matrix Organizational Structure

Given the complexity of a matrix organizational structure, it’s critical to have the right project
management tools to make sure team members are receiving their tasks in a clear and orderly fashion.
Two bosses can create a muddle, so having all project communication housed in one software is essential.
ProjectManager has a “My Work” section that enables team members to see all of their tasks in one place,
regardless of whether a project or functional manager assigned it to them. This enables them to manage
their workflow more efficiently, marking their progress and adding comments along the way for
managers. They can also work on tasks by projects too if they want to stay in one mindset before moving
on to another project.

The following are a few advantages of a matrix organizational structure:

 Highly skilled and capable resources can be shared. This allows open communication and knowledge sharing
within the organization.
 The matrix structure is dynamic, allowing employees to communicate across department boundaries and
creating a pleasant, cooperative work environment that helps to integrate the organization.
 Employees can enhance their skills and knowledge by taking part in different projects. The matrix structure
provides a fertile environment to learn and grow.
 Employees are skilled in functional departments. Project teams can access these capable employees
whenever their services are needed.
 Because of job security, employees will be faithful and perform well, meaning the efficiency of a matrix
organization is higher.
 Resource usage is optimal. You have access to experts from your organization, and you can share equipment
between projects. Negotiation works smoothly in matrix organizations.

Disadvantages of a Matrix Organizational Structure

The following are a few disadvantages of a matrix organizational structure:

 Employees may have to report to two managers, which adds confusion and may cause conflict. This
especially happens in a balanced matrix organization where both bosses have equal authority.
 An authority conflict may arise between the project manager and the functional manager.
 Employees may be confused about their roles and responsibilities. Work priorities can cause conflict among
employees if they are not well defined. This happens when employees are assigned a new task different from
what they expected.
 There can be competition for scarce resources, which may cause hostility and could impair the work.
 It is perceived that matrix organizations have more managers than required, which increases overhead costs.
 The workload tends to be high in a matrix organization. Employees have their regular work along with the
additional project-related work which can exhaust them. Employees may ignore their regular responsibilities
if they are overtaxed.
 A matrix structure is expensive to maintain. Organizations have to spend more to keep resources, even when
they are not busy, as some are needed only for a short duration