The 5 stages of project management Explained - 2023 Best Guide
Written By : Bakkah
11 Jan 2023
let's know about the 5 Stages of Project Management & their importance in this article.
History of the 5 stages of project management:
Project management came to existence the moment civilizations started to organize social & political matters. And isn’t a random process.
Surely, the old eras didn’t call it project management, but they have applied systematic procedures to get things done effectively and on time.
It is reported that the modern era of project management has emerged in 1958 with the development of CPM/PERT. The Project Management term has matured throughout four periods:
- Before 1958: Craft system to Human Relations Administration.
- 1958 – 1979: Application of Management Science.
- 1980 – 1994: Production Center: Human Resources.
- 1995 - present: Creating a new environment.
Regardless of the journey of the term, today, we call “the use of specific knowledge, skills, tools, and techniques to deliver something of value to people, the development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, as the expansion of sales into a new geographic market" Project Management.
What Are The 5 stages of project management?
there are 5 main stages of project management: Project Initiation - Project Planning - Project Execution - Project Monitoring - Project Closing:
Stage 1: Project Initiation:
Your team members gather to evaluate the idea of the project. They brainstorm coming up with a bunch of questions related to an organizational problem or a possible opportunity.
Some of the expected questions to be asked in this stage are:
- Is it related to our company’s core business?
- Are we capable of doing this?
- Will it benefit the organization?
If the answers to the previous questions came positive, then this is a green light to start a successful project, hopefully. Later, you can work on identifying the scope of your project, any possible partners to cooperate with, developing a Business Case, and undertaking a Feasibility Study.
Stage 2: Project Planning:
In this stage, a detailed roadmap for the project is created. This includes:
- Setting realistic goals and objectives.
- Estimating costs.
- Identifying scope and key deliverables.
- Gathering resources.
- Anticipating risks.
While planning for the project, you will bear in mind the information regarding the procurement of resources as well as how to produce quality output, handle risks and unforeseen circumstances, communicate within your team and with external stakeholders, and more. Ideally, it also contains a clear timeline of what needs to happen and when. A great way to do this is by creating milestones customized for each part of the project.
Stage 3: Project Execution:
Baby steps are paying off. This is when your project sees the light and the outside world starts to sense its presence.
It usually begins by holding a meeting to allocate the right resources and remind your team members to stay focused on their missions. Everybody in the team is supposed to be informed about everything related to the project. We don’t want you to stress out, however, the success of your project depends on how detailed your planning stage was.
Key tasks in this phase include:
- Managing the budget.
- Monitoring your team member.
- Addressing any issues occur immediately.
- Update stockholders with progress.
Stage 4: Project Monitoring & Controlling
In the real world, monitoring and execution stages happen simultaneously. The manager keeps an eye on everything while the project is running. A seasoned manager tracks deliverables and holds regular meetings to check with his employees. This phase is important to discover any flaws and try to fix them and go back to the right track.
Stage 5: Project Closing:
Congrats! You made it all the way to the end, hopefully, a successful end.
A project is usually closed when the deliverables are formally handed over and approved. Before closing this chapter, sit with your employees for an evaluation session to know what went well and what could have been done better, to avoid such mistakes in the future.
Key tasks in this phase include:
- Comparing the outcome with the agreed-on goals.
- Disbanding the team after holding final meetings.
- Mark the lessons taught from this project for future ones.
Why are The stages of Project Management Important to the Organization?
Stages of project management are important for organization for several reasons:
- The stages of Project Management Provide a detailed explanation of the project plan.
- The stages of Project Management Set an agreed-on plan and schedule which all managers and employees stick to.
- The Stages Create a reference for employees’ performance to make sure they are on the right track.
- Project management stages Help to manage change and risks.
- The stages of Project Management Create a learning opportunity.
- Project management stages Make the flow of communication easier.
Why Following the Loop of Project Management Stages
1- Simplifying matters for team members:
Things can be complicated especially if it was a huge project and had several resources and steps. A detailed plan can ease the pain and make it easier for the staff to follow smoothly.
2- Consistent results:
When discipline prevails, expect wonderful and even consistent outcomes. Using a standardized work process allows managers to deliver reliable levels of support and maintain better control of the project scope.
3- Faster project completion:
I mean you have it all laid out in front of you. Just follow the plan until you have reached the desired goal. A plan will always save time and effort.
Everything about project management screams regulation and order. By following the 5 Project Management stages, you will have a clear vision of the way you’re going to run projects in your organization.
The most famous Project Management tools
- Pre-built templates.
- 8 Different project views, including Gantt, Kanban, map, and more.
- More than 40 high-quality integrations.
- Business process development
- High-level dashboards and reporting
- Real-time system integration and data connection
3- Google Tables:
- Multiple project views
- Strong automation functions
- Integrated forms
- Pre-built templates
4- Microsoft Lists:
- Individual user views that you can customize
- Ready templates
- Effective team sharing abilities
- Strong automation functionality
Since Project management isn’t a random process, there must be stable stages where a project pass to achieve the organization’s goal effectively with minimal losses.
The amount of effort you put to launch a project can be overwhelming. I mean there is so much to grasp, organize, buy…etc. Instead of starting with haphazard steps, follow the five stages through which every project usually goes.
According to PMI (Project Management Institute), each project consists of 5 phases: initiation, definition and planning, execution, implementation, control, and close. Each contains specific tasks that will help you reach your project goals.
What are the best courses for project management?
Here is a list of Project Management Courses that will help you in your career:
- PMP course
- Certified Associate in Project Management CAPM Course
- PMI-ACP® certification
- PgMP certification
- PMI Scheduling Professional - PMI-SP certification
Risk management Courses And Certifications:
Project Management Tools: