A Project Management Life Cycle
When the right project management life cycle is followed by you or your business, there is a set methodology in place that is known. This follows a set pattern that has been established that produces positive results.
The reason the project management life cycle is chosen by so many companies is because this is a business strategy that is highly compatible with many different business sectors. The purpose of a project is to either produce a revenue stream or develop an internal process for the company that has found a need.
To make the project management life cycle easier to utilize within a company, a software program that specializes in this methodology can be used. The programming is broken down into 4 separate segments that include the initiation, planning, execution, and closure stages.
Each of those stages of the project management life cycle is broken down even further so an improved analysis and preparation of each part can be easier to accomplish. For the initiation stage, the different components include the development of the business case, then the execution of a feasibility study. This will allow for a project charter to be constructed and allow for the project team and the project office to be set in place. To make sure all of the different components were done correctly, there then needs to be a review of all the documents before proceeding to the next stage. For each of these components, there are templates to assist in the documentation process.
The planning stage of the project management life cycle is considered the most crucial of all. It is the foundation which the rest of the project will be built upon. With this stage, there are also project management templates that are used as guides to help construct the working plans for each different component so the building process of the project can start.
The execution stage of the project management life cycle is where all the plans are taken and put into action. Every step of this segment takes the plan that was already established and transforms it from just being on paper to its real-world application in the physical world.
The last segment of the project management life cycle is the closure that reviews all of the documents and the actual deliverable, to make sure the goals and the scope of the project have been met correctly.