project life cycle

PROJECT LIFE CYCLES

INITIATING

PLANNING

EXECUTING

MONITORING AND CONTROL

Identify the benefits of a project that outweigh its costs and why it should be carried out.

The scope of the project is defined and a project management plan is created, identifying cost, quality, resources and a timetable.

CLOSING

Ensuring that the deliverables are completed to the satisfaction of the stakeholders, the project manager must now dismantle the project created to fulfill the project.

It begins with the execution of the tasks, deliverables and milestones defined in the project scope. The schedule is met.

Monitoring is carried out in meetings to comply with the execution of the plan.

It consists of setting up controls and key performance metrics to measure the effectiveness of the project execution.

Martinelli, R. J. Waddell, J. M. & Rahschulte, T. J. (2017). Projects Without Boundaries: Successfully Leading Teams and Managing Projects in a Virtual World: (ed.). Wiley. Pág. 37-40 https://elibro-net.bibliotecavirtual.unad.edu.co/es/ereader/unadenglish/186467?page=37

The feasibility study, cost-benefit analysis and other types of research are also carried out to determine if the project is feasible and whether or not it should be carried out.

This phase begins by setting SMART (specific, measurable, attainable, realistic, timely) goals

Tasks are performed such as: developing the team and allocating resources using key performance indicators, executing the project plan, managing procurement, and tracking and monitoring progress.

The monitoring and controlling project phase is very important to make sure the execution goes as planned in terms of schedule, scope and budget baselines.

That means closing out work with contractors, making sure everyone has been paid and ensuring that all project documents are signed off on and archived to help with planning future projects.