A Step by Step Procedure in Project Management
Project management is an organized as well as a planned effort to accomplish the given project successfully. However, there is a certain procedure that needs to be followed in order to complete the entire project life-cycle profitably. In this article, I will provide you with the detailed information on start to end of the particular project!
There are four stages in the process which generally includes:
• Planning or Development;
• Monitoring and the final
Hence, let us start with the detailing of each stage step by step:
• Initiation – The name itself is self – explanatory which indicates the beginning of the given project. This is a very crucial stage to determine the nature and scope of the project. If this stage is not well defined, then it is sure to affect the overall life cycle of the project and is likely that you won’t be able to meet the necessary business needs. Hence, there are certain key areas which has to be determined in the initiation stage, like:
- Analyzing the business needs or requirements in measurable goals;
- Reviewing of the current operation;
- Financial analysis of the costs and benefits including a budget;
- Stakeholders analysis, including users, and support personnel for the project;
- Project charter including costs, tasks, deliverables and schedule.
• Planning or Development – After carefully regulating the initial stage of the project, then arrive the planning and development stage! This stage includes more of a detailed stuff for the given project like:
- How start on with the project;
- Develop the scope statement;
- Selecting the planning team;
- Identifying deliverables and creating the work breakdown structure;
- Identifying the activities needed to complete those deliverables and networking the activities in their logical sequence;
- Estimating the resource requirements, cost and time for the activities; and
- Developing schedule and budget for the project.
• Execution – Execution consists of starting the work according to the planning and development done in the earlier stages. This process includes the timely delivering of the work by the workforce, coordination, availability of resources and so on.
• Monitoring - Monitoring involves keeping an eye on the execution of the project. It includes various factors like ongoing project activities, various project variables like cost, efforts, deliverables, project performance, identify the risk and take corrective and timely decision for the same.
• Closing – This is the last step of completion in the project life –cycle. Here, the project needs are met and is successfully accomplished.
This is a step by step procedure of the project management that is to be followed while handling any given project. However, to perform on every stage one needs to be skilled and trained and this can be done only through professional project management trainings.
The Injazat Institute is one of the most sought after project management training academy in the UAE. They feature various project management courses and programs for your development and professional advancement! For course details visit their website – www.ti2.ae