What is Project Management? – 5 Phases of Project Management and its Advantages

Project Management

Project management is a set of methods used to plan and control the processes of a project. It is a specific set of operations intended to achieve a goal with a specified scope, resources, start, and finish. The objectives of project management are:

  • Manage the start and development of the project.
  • Facilitating project completion and approval.
  • Control and retort to problems that arise during a project

The projects are independent of day-to-day business activities. Therefore, a series of meetings need to organize and to determine the specific objectives of the project.

How the project manager manages the work depends on several factors, including scalability (growth potential of the project), importance, and complexity of the tasks.

The primary goal of project management is to achieve set goals to provide the organization with a benefit.

The 5 phases of project management

Project Management is an organization that offers training in project management. To accredit knowledge in project management, this organization has eight types of certificates. And also, Project Management divides the projects into 5 phases:

1. Project feasibility study (feasibility study)

It is the first phase of a project and bases on analyzing whether it will continue. This step is done because its benefits from implementing the project are often more generous than the investment. And also, To examine the project’s possibilities, factors such as time, resources, and costs must be considered. The feasibility study of the project should include:

  • Creation of a project tracking log in the company software;
  • And also, Prior analysis of the scope of the project (suggesting the size of the project, the methodology to be used, which departments should involve, etc.);
  • Analysis of the project implementation risk;
  • And also, there should be an analysis of the expected benefits and costs, the feasibility of the agreed deadlines, and the desired quality.

If the feasibility study balance is positive, you can move on to the second phase.

2. Detailed planning of the work to be carried out

The aim of this phase is to present in detail all the tasks to be performed and the required resources. If this is not clearly defined, it can have a (very) negative impact on the business. And also, To pinpoint these tasks and help with the utmost precision, you must:

  • Review the scope analysis of the project.
  • Make estimates of effort, costs, and resources;
  • And also, Define the project plan.
  • If the project continues, all this information written in terms of the agreement.

3. Project implementation

In this phase, companies show their entire know-how. Know what are the techniques, methods of managing resources, and managing processes. Some project management programs allow you to generate a report automatically. And also, Problems often arise at this stage. The actions taken in this phase are:

  • Setting up the working environment (groups and work processes);
  • Assign planned tasks to available resources;
  • Perform scheduled tasks;
  • And also, Manage change requests.

4. Supervision and control of work

This phase, along with the previous one, is one of the most important for the project. In this phase, it checks whether all plans have met and whether all quality expectations are exceeding. Like this, you can react quickly and effectively to problems that arise. And also, With a project management module, you can keep your processes, including progress, times, and costs, up to date. Four types of activities are out at this stage:

  • Monitoring of tasks and planned milestones;
  • Results management (including quality control);
  • Management of incidents that have occurred and may occur during the process (e.g., that a workflow is not well connected or connected);
  • And also, Preparation of monitoring reports (reports for project managers or directors informing whether the project is going according to plan)

5. Project completion

This final phase consists of evaluating and verifying that everything is as it should be before completing the project. Future project failure analyzes will surely make the most realistic decisions. A checklist is always useful to conduct this assessment. The tasks of this phase are:

  • Formal completion of the project by all stakeholders;
  • Realization of the backup copy of the project;
  • Analyzing the results to the initial estimates;
  • And also, Update of the knowledge database with everything learned.

What are the Advantages of Project Management?

If we combine project management with digital transformation within a company, its benefits are innumerable. However, we can name the most relevant:

  1. Firstly, Optimizes workflows;
  2. Improves teamwork;
  3. And also, Constant communication with the different product areas increases;
  4. Increases the flow of relevant data between departments;
  5. And also, Foresees bottlenecks and critical routes;
  6. Lower costs and create additional budgets based on scenarios;
  7. Enables monitoring and management concerning projection;
  8. And also, Collect data for future projects;
  9. Manages resources;
  10. Optimizes the resolution of problems;
  11. And also, It delivers data in real-time.

The evolution of technology allows companies to manage projects using pre-designed techniques and useful methodologies in each case.

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