2. Project Life Cycle

A project typically has four major phases. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project “life-cycle.” The following diagram outlines the four phases of the project life cycle:

1. Initiation Phase
The first phase in the project is the Initiation Phase. In this phase, a business problem (or opportunity) is identified and a business case, which provides various solution options, is defined. A feasibility study investigates the likelihood of each solution option and a final recommended solution is put forward. Once the recommended solution is approved, a project is initiated to deliver the approved solution. The Project Manager begins setting up a project team and a project office.

2. Planning Phase
Once the scope of the project has been defined, the project enters the detailed planning phase. This involves the creation of a Project Plan (outlining the activities, tasks, dependencies, and timeframes), a Resource Plan (listing the labor, equipment, and materials required), a Financial Plan (identifying the labor, equipment and materials costs), Quality & Risk Analyses, and a Communication Plan. At this point, the project has been planned in detail and is ready to be executed.

3. Execution Phase
This phase involves the execution of each activity and task listed in the Project Plan. While the activities and tasks are being executed, a series of management processes are undertaken to monitor and control the deliverables being output by the project. Once all of the deliverables have been produced and the customer has accepted the final solution, the project is ready for closure.

4. Closure Phase
Project Closure involves releasing the final deliverables to the customer, handing over project documentation, terminating supplier contracts, releasing project resources and communicating the closure of the project to all stakeholders. The last remaining step is to undertake a review to quantify the overall success of the project.

The following sections provide a more detailed description of each phase and list tools which provide the Project Manager with guidance on how to complete each phase successfully.