What are the 5 steps of project management?
Project management is mainly composed of 5 distinct steps which are: Project start, planning, exécution, monitoring and project close out.
We help you to understand more closely what project management is all about.
It is important to know the project management life cycle in order to implement the most appropriate methods and processes. A project management software is useful for the success of the project : Primavera P6, Oracle Primavera Cloud or MS Project are some of the software available.
1. Launching the project
The first step concerns the launch of the project. This phase consists of defining the overall project and identifying the stakeholders.
The phase usually starts with the project manager and the person who initiated the project clarifying the different objectives to be reached, the scope and the different constraints related to the project. This charter must then be approved by the stakeholders. The different budgets will then be planned.
2. Project planning
For the planning step, you will define concrete objectives based on a roadmap. There are several strategies to help with this planning, we will retain the SMART strategy.
The SMART goals method means: Specific, measurable, attainable, realistic, temporally defined. This method is very appreciated by project teams since it favors communication, facilitates the establishment of a precise roadmap and then tracks performance indicators.
3. Project Execution
The project execution step requires teams to focus on achieving the objectives. The previous two steps will help the teams to collect information and launch the project on time. Collaboration and teamwork are essential to the success of the project. Each member of the team must have a task assigned to him. It is possible to implement a project management tool in this phase as mentioned previously: Oracle Primavera,… It is important to update the project schedule, because it can change every day.
4. Project monitoring
Monitoring is an essential step since it allows you to have a global view on the success or not of the project. You can also follow the different KPIs (key performance indicators) that allow you to establish the objectives to be reached and to see if the project has been a success. Among them we can mention : ROI (return on investment) or planned value.
5. Closing the project
The last step is the closing of the project. This one is very changeable depending on the teams and companies. Some will linger on all the work done for the project and others will start a new project. When the project is closed, it is possible to gather all the stakeholders of the project together to discuss the different results. All the results must be taken into account in order to start a new project in the best conditions without making the same mistakes.