A Project is a temporary endeavor with a definitive beginning and an end.
Project Management is the application of knowledge, tools and techniques to project activities to meet the project requirements. Each project must go through the following phases –
- Monitoring and Controlling
1. The Initiating Phase
The Initiating Phase involves creation and formal approval of the Project Charter. All project stakeholders are identified in this phase. High-level risks, assumptions and constraints are identified and documented in the Project Charter.
2. The Planning Phase
The Planning Phase involves creation of the detailed Project Management Plan. The Project Management Plan comprises of the Requirements Management Plan, Change Management Plan, Configuration Management Plan, Process Improvement Plan, Performance Measurement Baselines, Scope Management Plan, Schedule Management Plan, Cost Management Plan, Quality Management Plan, Human Resource Management Plan, Communications Management Plan, Risk Management Plan, Procurement Management Plan and Stakeholder Management Plan.
3. The Executing Phase
The Executing Phase involves the creation of project deliverables per the Project Management Plan.
4. The Monitoring and Controlling Phase
The Monitoring and Controlling Phase involves measuring the project performance as per the Performance Measurement Baselines and taking preventive or corrective actions if any to align the project performance as per the Project Management Plan.
5. The Closing Phase
The Closing Phase involves obtaining a formal sign-off on all project deliverables, updating project documents and organizational process assets including the Lessons Learned database.