Initiating processes: It involves starting up a new project. A new project can be started by defining its objectives, scope, purpose and deliverables to be produced.
Planning: Itâ€™s the process of thinking about the activities required to create a desired goal on some scale.
Monitoring and controlling: Monitoring is the process of regularly observing the performance of a project so as to find if the performance of the project is losing track and to find out the flaws and rectify them timely.
Execution: The execution phase is when the work activities of the project plan are executed, resulting in the completion of the project. During this phase, elements completed in the planning phase are implemented, time is expended, and money is spent.
Initiate is the first step in the life cycle of a project management. It involves starting up a new project. A new project can be started by defining its objectives, scope, purpose and deliverables to be produced. In this phase a project team is hired, which includes the members who will be responsible for completing that project. After that, the project is reviewed to gain approval to start the next phase.
There are basically six steps that are included in the initiation phase. They are:
Step 1: Create a detail business case: This must be detailed enough for everyone to know exactly what the business requirement is. This must be done in conjunction with the business owner. It will help you find the detail benefits and cost of your solution. This document will become the foundation of the project and must be approved by the project sponsor.
Step 2: Do a Feasibility study: Undertake a feasibility study based on the business case to determine the different solution for the business requirement. A solution is obtained based upon the obtained result.
Step 3: Establish a Project Charter: This is a very important document which combines the information of both the above 2 steps. This is done to describe the new project, its vision, objectives, scope, deliverables, project team and a high level project and implementation plan. After This the Project Charter is approved and signed by the Project Sponsor.
Step 4: Define your Project Team: In this the team based on the information in project charter is defined. A project manager is assigned by the boarding committee. Depending upon the size of the project, the manager makes a project team and recruit team leader, who in turn will select their team members. Manager also ensures that there is a documented project job description of each member so that each member can understand their individual role.
Step 5: Setup a Project Office: Once the Project team is known, then the next main step is to create the physical location where the project will be executed. This includes providing tools, material and equipment for each team member.
Step 6: Review the Initiation Phase: The last step is to review the whole phase again to ensure that nothing was missed and this phase is completed and approved so that the work of next phase can be started.
Planning is the process of thinking about the activities required to create a desired goal on some scale. In other words, it is a property of intellectual behaviour. There is often misconception between the planning and forecasting. So to make a difference it can be said that planning predicts that what the future should look like whereas forecasting predicts what the future will look like. It is very much important to make a difference between forecasting and planning.
Another Definition: This term can also be described as the formal duties such as making strategies, creating diagrams. It also includes the discussions regarding important issues in the project, also plan meetings to discuss, targeting the objects to be focus etc.
What is plan?
Planning is the realistic view of expectations, because it helps to predict the project in real view. It is a blue print of project which helps to achieve the require goals by setting objectives and resources required to fulfill the project
Need to make a plan?
Planning helps to clarify what are the goals requirements. It also helps to research prospects and to focus on them.
It gives a logical framework which make easier for achievers or planners to complete the required project.
Importance of planning
A plan actually helps to avoid mistakes so that the project get completed with having very fewer or minimal errors or without errors.
Requirements for proper planning
Planning needs research on the projects is to be completed like length and structure, strategies for implementation decide strategies and duties to do.
MONITORING AND CONTROL
Monitoring is the process of regularly observing the performance of a project so as to find if the performance of the project is losing track and to find out the flaws and rectify them timely by implementing corrective measures.
Monitoring comprises the following processes:-
Monitoring the current status of the project performance
Monitoring the project variables like cost, effort, scope etc. against the project management plan.
Identifying the flaws in project performance and rectifying them in a timely manner by implementing various corrective measures.
Monitoring can be explained with the help of the following diagram:-
Where we are? (Measurement)
How can we get on track?
Where are we planned to be?
The execution phase is when the work activities of the project plan are executed, resulting in the completion of the project. During this phase, elements completed in the planning phase are implemented, time is expended, and money is spent.
This phase requires the Project Manager and project team to:
Conduct, coordinate and manage the ongoing work activities
Perform quality assurance activities continuously to ensure project objectives are being met or achieved
Monitor identified risks for triggering events and implement containment or contingency strategies as necessary
In short, it means coordinating and managing the project resources while executing the project plan, performing the planned project activities, and ensuring they are completed efficiently.This phase entails the completion of the work activities, the expenditure of resources, and the application of the quality assurance processes to ensure that the end product(s) is viable and meets customer requirements.
Several supporting processes are part of this phase. They may include:
Information collection and distribution.
The execution phase involves coordinating and managing project activities and the subsequent output. The focus of the Project Manager and the project team is on the day-to-day management of the overall effort. In addition to the processes and activities defined above, the subsidiary management plans are implemented and project performance is monitored and managed accordingly. Several of these facilitating processes (quality, communication, human resource, change, and procurement) are an integral part of the project execution process, while others serve as support functions for managing the project.
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