Complete Guide to Project Management Template and Phases: Learn Everything You Need

Project management is the process of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria. It has been one of the most important aspects of businesses for a long time now. However, what many people don’t know is that project management has a life cycle that goes through different phases. In this blog post, we will discuss those phases in detail and also provide you with a project management template that you can use in your business! 

The main objectives of project management are to: 

  • To complete the project on time, within budget, and to the required specifications
  • To ensure satisfaction of every stakeholders with the end result 
  • Maintain control of the project throughout its lifespan

Key Components of Project Management

There are different parts to field project management. They are important for planning and carrying out a project successfully. We will list them below.

  • Time:- This is one of the most important aspects of project management. A project has to be completed within a certain time frame and this time frame has to be realistic.
  • Cost:- Another important aspect of project management is cost. A project has to be completed within a certain budget and this budget has to be realistic.
  • Scope:- The scope of a project is the area that the project covers. It is important to define the scope of a project so that everyone knows what is included and what is not included in the project.
  • Quality:- The quality of a project is important because it determines how successful the project will be. A high-quality project will be successful and a low-quality project will not.

Project Management Phases

There are five phases in the life cycle of a project: initiation, planning, execution, monitoring & controlling, and closure.

Initiation

This is the very first phase of a project and it involves identifying the need for a project and getting approval to start it. In this phase, you will also develop the project charter which outlines the goals of the project, who is responsible for what, and how the project will be executed.

  • Project Identification 
  • Need/Justification 
  • approval to Proceed 

Project Identification

This is the very first phase of a project and it involves identifying the need for a project and getting approval to start it. In this phase, you will also develop the project charter which outlines the goals of the project, who is responsible for what, and how the project will be executed. 

Project Charter

The document that is created during the initiation phase outlines the goals of the project, who is responsible for what, and how the project will be executed. 

Need/Justification

The reason for why a project is needed. This is usually in the form of a problem that needs to be solved or an opportunity that needs to be taken advantage of. 

Approval to Proceed

This is when the project is given the green light to proceed by the sponsor or other decision-making body. 

Planning

This is where all the hard work happens! In the planning phase, you will create a detailed project plan which outlines everything from the goals of the project to the steps needed to achieve them. You will also identify and assess any risks and create a risk management plan.

  • Project Goals & Objectives 
  • Scope of Work 
  • Schedule/Timeline 

Project Goals & Objectives 

The goals of the project should be clear and concise. They should also be achievable within the timeframe of the project. 

Scope of Work

This is a detailed description of what the project will entail. It should include everything from the specific tasks that need to be completed to the resources that will be needed. 

Schedule/Timeline

The schedule and timeline of the project should be realistic. It is important to remember that things can always change, so it is important to allow for some flexibility. 

Communication plan 

One of the most important aspects of project management is communication. When team members are able to easily share information and collaborate, projects tend to run more smoothly. However, if communication is poor or nonexistent, problems can quickly arise. In order to avoid these issues, it is important to create a communication plan for your project.

The first step in creating a communication plan is to identify the stakeholders. Stakeholders are anyone who has a vested interest in the project and can include team members, clients, sponsors, and other interested parties. Once you have identified the stakeholders, you need to determine how they will be involved in the project. This will vary depending on the project and the stakeholders involved. 

Next, you need to decide what information needs to be communicated, and how it will be shared. Will team members need to share progress reports? Will stakeholders need regular updates? What other information will be necessary for the project to run smoothly? Once you have answered these questions, you can start to create a communication schedule.

Execution

This is where the rubber hits the road! In this phase, you will actually start implementing the project plan and working towards the goals of the project.

  • Implementation of Project Plan 

Implementation of Project Plan:- 

This is when the project plan is put into action and the work of the project begins. it is important to be organized and stay on track so that the project can be completed on time and within budget.

Monitoring & Controlling

This phase is all about keeping track of progress and making sure that everything is on track. You will continuously review the project plan and make changes as necessary to ensure that you are still on target.

  • Regular Review of Project Plan 
  • Progress Reports 

Regular Review of Project Plan 

The project plan should be reviewed on a regular basis in order to ensure that the project is progressing as planned. 

Progress Reports

Reports detailing how the project is progressing and any changes that have been made to the plan. 

Closure

This is the final phase of a project and it involves wrapping up all loose ends, ensuring that all stakeholders are satisfied, and documenting the lessons learned.

  • Project Completion & Sign-off 
  • Lessons Learned Documentation.

Project Completion & Sign-off

This is when the project is officially completed and all stakeholders sign off on it. 

Lessons Learned Documentation

A document detailing the lessons that were learned during the course of the project. This can be used to improve future projects. 

Project management is a complex process, but if you break it down into its individual parts, it becomes a lot easier to understand. By understanding the different phases of project management, you can better plan and execute your projects, ensuring that they are completed on time and within budget.

So, these were all the points that we wanted to share with our readers regarding the complete guide to the project management template and its phases. We hope this blog post was informative and helpful. 

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