Project Lifecycle Overview
The Project Management Lifecycle is used to describe a deliberate, structured, and methodical process for Project Management. The Project Management Life Cycle has five phases: Request, Initiation, Planning, Execution & Control, and Closure. This methodology contains the templates for the various project management activities undertaken to deliver successful projects. Each project phase addresses a specific aspect of the process of managing a project from initiate through close. Although these phases are described sequentially, in practice many of these phases may overlap or be applied concurrently during the lifetime of a project. Listed below is an overview of the five phases. Each phase will be described in greater detail in subsequent sections of this document.
- Delivers a project request
- Captures specific project information that will aid in project evaluation
- Approves the project request to advance to the Initiation Phase (or defers the request
- Completed and approved project requests constitute the Project Portfolio
- Formalizes the existence of the project
- Defines the preliminary project cost, scope, roles, and timeline
- Approves the project to advance to the Planning Phase
- Delivers a Project Charter
- Defines the detailed project schedule, budget, resources, allocations, and timeline.
- Provides the baseline to control and manage the project
- Identifies the project risks
- Approves the project to begin work
- Delivers a detailed Project Plan.
Execution & Control
- Creates and/or delivers the end product or service
- Executes the tasks in the project plan (schedule)
- Manages the project issues & risk
- Relies on the plans from the Planning Phase to control the project.
- Delivers regular updates to stakeholders detailing progress
- Concludes all project tasks/activities
- Administratively closes the project
- Gathers and catalogs Lessons Learned
- Turns the delivered product or service over to customer or a support group
- Assesses project outcomes and team performance
- Delivers a Project Closeout Report