At Inspire Engineering Solutions, Project Management and Control (PMC) is considered as a very vital and crucial function of the project. PMC coordinates with various other functions of the organization through life cycle of the project and thus develops end to end visibility for the project. PMC function is responsible for Scope, Time and Cost part of the project. Sound PMC principles adopted and practiced by us have paid us rich dividend and enriched our clients with project outcomes & start of operations.
The Five Project Management Phases
To make a project easier to plan and control, its work can be grouped into phases, with each phase having similar tasks and leading up to a major deliverable. The end of each phase is then marked by a project milestone. So what are the stages of project management? The five major phases in a project life cycle correspond to the project management process. The phases of project management are:
Initiation
This phase of project management marks the beginning of the project and is where the project charter is developed, and stakeholders are identified.
Planning
This is where the project plan is developed. That means costs are estimated, resources are determined, and requirements (scope and work breakdown structure) are defined. This is also where risk is identified and planned for, and where communications are built.
Execution
This project phase is where the project is carried out, all while procuring resources and managing stakeholder expectations.
Controlling/Monitoring
This phase is often carried out simultaneously with execution because this is where quality, scope creep, and cost/time allocations are monitored.
Closing
This stage of project management is where the project is finalized, the deliverable is given to the customer, stakeholders are told of the completion of the project, and all resources are released back to their resource managers.