![]() This phase includes the planning and execution of the project. The planning phase is the second stage of the project life cycle. Planning : Second Phase of Project Life Cycle The objectives of this phase are to define the scope of the project and to identify the stakeholders. This phase includes the identification of the need for the project and the development of a business case. The Initiation phase is the first stage of the project life cycle. Initiation: First Phase of Project Life Cycle Knowing about the five phases of the project life cycle is important because it helps you to plan your projects and make sure that you’re on track to finish them. The cycle is important because it helps to ensure that all aspects of the project are considered and that the project is completed successfully. There are five phases of the project life cycle: Initiation, Planning, Execution Monitoring, and control, Closure.Įach phase has its own set of objectives and activities. The project life cycle is the process that a project goes through from start to finish. This is also when the final report on the project is prepared.Īlso Read: 10 Ways to Use Artificial Intelligence to Improve Business Processes The 5 Phases: Initiation, Planning, Execution Monitoring and Control, Closure The closure phase is when the project is officially completed and handed over to the client. In this stage, you’ll want to make sure that your budget and schedule are consistent with the Project Management Plan.ĥ. ![]() It is put into action as the process is being carried out. Measuring performance and keeping tabs on project development are at the heart of the monitoring and control phase. This is where all of the tasks in the project plan are completed.Ĥ. The execution phase is when the actual work of the project is carried out. The planning phase also includes risk assessment and management.ģ. This plan outlines how the project will be executed and includes all of the necessary tasks that need to be completed. The planning phase is where the project plan is developed. This is also the phase where the project budget is set.Ģ. During this phase, the project team is formed and the project objectives are established. Initiation is the first phase of the project life cycle. Each phase has its own distinct purpose and role in project management.ġ. There are five main phases in the project life cycle: initiation, planning, execution, Monitoring, and closure. Definition of each phase and How it Relates to Project Management According to Wikipedia, “Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. It also helps to identify potential risks and issues early on, so that they can be addressed before they cause problems. It helps to ensure that all activities and deliverables are completed in a timely and efficient manner. The project life cycle is important because it provides a framework for managing a project from start to finish. ![]() The project manager is responsible for ensuring that the project moves through each phase in a timely and efficient manner. The project life cycle typically includes the following phases:Įach phase of the project life cycle has its own set of activities and deliverables. The project life cycle is a series of phases that a project goes through from start to finish. When Do you use the Project Life Cycle?Īpplication development: Boost your business plans with customized applications.Why Is The Project Life Cycle Important?.The 5 phases: Initiation, Planning, Execution Monitoring, and control, Closure.Definition of each phase and how it relates to project management.There are many steps in the project life cycle. You need to understand the project life cycle and how it is an essential tool for the success of your project. Project management can be a difficult task. In this article, we will discuss what each phase entails as well as what is the project life cycle: The 5 Phases & Why It’s Important? ![]() ![]() By using the right strategy, you can make sure that your project is developed and delivered in the most efficient way possible. The project life cycle is what you’ll use to manage the work on your project successfully. ![]()
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