Project Management and It's Life Cycle

Project Management and It's Life Cycle

What is Project Management?

Project Management --> To plan --> To do --> To check --> To act for a new idea. 

Project management is the process of the practice of initiating, planning, executing, controlling, and closing the work of a project.

Project Management is also known as the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Life Cycle of Project Management:

Project Management processes fall into five groups which are known as the life cycle of the project management.

1) Initiating
2) Planning
3) Executing
4) Monitoring and Controlling
5) Closing

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1) Initiating:

Initiating a project is a process performed to define a new project or a new phase of an existing project by obtaining to start the project or phase.

2) Planning:

Planning a project is a process required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.

3) Executing:

Executing a project is a process performed to complete the work defined in the project management plan to satisfy the project specifications.

4) Monitoring and Controlling:

Monitoring and controlling is a process of a project that required to track, review, and regulate the process and performance of the project. Identify the areas in which the changes to the plan are required and initiate the corresponding changes.

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5) Closing:

Closing is the process of the project that performed to finalize all activities across all process of the project management life cycle to formally close the project or phase. It is the last phase or last life cycle of the project management system of a project.

There are ten areas where the project management knowledge draws:

1) Integration
2) Scope
3) Time
4) Cost
5) Quality
6) Procurement
7) Human Resources
8) Communications
9) Risk Management
10) Stakeholder Management

Also, read;

What is Project?

What are the operations?

Differentiate between Project and Operations

Steps for Conducting a Project

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Project Management and Its Life Cycle

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