Every project has a beginning , a middle period during which activities move the project towards completion, and an ending.
A standard project typically has the following four major phases :
initiation, planning, implementation, and closure.
These phases represent the path a project takes from the beginning to its end and are generally referred to as the project "life cycle".
Initiation Phase - During initiation phase , the project objective or need is identified; this can be a business problem or opportunity. An appropriate response to the need is documented in a business case with recommended solution options. A feasibility study is conducted to investigate whether each option addresses the project objective and a final recommended solution is determined.
Planning Phase - The planning phase , is where the project solution is further developed in as much detail as possible and the steps necessary to meet the project objective are planned. In this step, the team identifies all of the work to be done. The project's task and resources requirements are identified , along with the strategy for producing them. This is also referred to as "scope management". A project plan is created outlining the activities, tasks, dependencies, and time frames. The project manager coordinates the preparation of a project budget by providing cost estimates for the labor, equipment , and material costs. The budget is used to monitor and control cost expenditures during project implementation.
Implementation (Execution) Phase - The project plan is put into motion and the work of the project is performed. It is important to maintain control and communicate as needed during implementation. Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. In any project, a project manager spends most of the time in this step. During project implementation, people are carrying out the tasks, and progress information is being reported through regular team meetings.
Closing Phase - During the final closure, or completion phase, the emphasis is on releasing the final deliverable to the customer, handling over project documentation to the business, terminating supplier contracts, releasing project resources, and communicating the closure of the project to all stakeholders.