A Quick Guide to the Project Management Life Cycle

Whether you’re preparing to launch a new training program or integrating new technologies into your processes, having a bit of project management knowledge can make all the difference! In this quick guide, we’ll cover the project management life cycle, a fundamental process applicable to nearly all projects. The project management life cycle is most commonly organized into these five phases: initiation, planning, executing, monitoring, and closure.

Initiation

The goal of the initiation phase is to broadly define the scope and purpose of the project and identify and analyze the stakeholders that will be impacted. This involves researching the project’s goals, feasibility, and potential impact. You’ll want to ask questions like: What do we want to accomplish with this project? Is the benefit worth the risk? and Is this a commercially viable option?

Typically, a project charter is created to document the scope, requirements, risks, and success criteria. The project charter should also outline the roles and responsibilities of everyone involved. Clearly defining these roles from the start helps ensure that everyone understands their responsibilities, the project objectives, and intended outcomes.

Planning

Planning is one of the most important parts of the project management cycle. During this phase, the project’s timeline, tasks, and resources (like finances, labor hours, and tools) are defined in detail. Planning is the time to set project goals, what the project will deliver, and the steps to get there.

One solid goal-setting method is called SMART, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound. Essentially, goals set using SMART are specific in what is to be accomplished, measurable to determine its success, challenging but achievable, relevant to the project’s scope, and provide a time when the goal should be complete. For example, a SMART goal in a new training program project might look like this: “By the end of August 31^st, all 100 copies of our new training guide will be distributed to those hired in Q1 and Q2 of this year.” 

Executing

After initiating and planning, the project moves on to the execution phase, where your plans come to life. With tasks and resources identified, your focus shifts to coordinating teams and resources to work through each task outlined in your project plan. This includes assigning tasks, ensuring everyone has what they need to perform their roles, and keeping the team aligned with the project timeline.

Following your project plan closely is key to staying on track. Executing is also a time to encourage clear communication across teams to ensure tasks are completed on time.

Monitoring

Monitoring is where you ensure your progress stays aligned with the project’s goals. This phase involves using key performance indicators (KPIs) to assess progress and conduct daily or weekly check-ins. Ultimately, monitoring is a blend of progress checks, issue resolution, and making adjustments where needed to ensure project success.

Blockers, risks, or any issues that could impede the project are identified and mitigated regularly to help the team stay on track. Monitoring is ongoing and occurs throughout the project, helping to address and tackle challenges as they arise.

Closure

Closure is where the project and its deliverables are finalized, and the project formally concludes. However, closure often also includes a post-project meeting. Post-project meetings provide an opportunity to evaluate what went well and identify areas for improvement. The goal is to capture valuable insights and lessons learned that can enhance the success of future projects. A well-executed closure ensures that each team member has clear takeaways and that any knowledge gained can be applied to similar projects in the future.

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