Stages of a project life cycle

Although much has changed over the years in the sense of the business climate, in the form of technology advancement, business best practices and procedures, and so much more, there are certain things that remain the same due to their effectiveness. One of these things is the project lifecycle.

When it comes to managing projects, project managers need a step-by-step framework of the deliverables and variables involved so that they may successfully complete the project on time and either on or under budget. This is where the project life cycle comes in. It provides project managers with a structured way to create, execute, and finish a project while ensuring that everything and everyone, from their team members to clients and stakeholders, is on the same page. This ensures that everyone involved in the project knows exactly at what stage they are always and what is expected of them.

Here is  a closer look at the project life cycle below.

What is a project life cycle?

A project life cycle is a collection of project management duties and activities that form a step-by-step guide that takes the project manager and all their resources from the initial conceptualisation of an idea to the final finished product. The purpose of the project life cycle is to create an easy-to-follow framework that covers every stage of the project in order to effectively guide it from start to finish.

Following and optimising this process means that project managers can reduce the risk involved in projects on all fronts because they will have seen them coming and can then help their team collaborate effectively and efficiently, and ensure that they hit their project goals on time and on budget, with no last-minute surprises that could derail the whole project.

No matter what size project you are working on, from a once-off small-scale project with modest business goals to a large multi-corporation initiative that spreads across multiple departments, an understanding of the project life cycle is essential. This is due to the fact that more than half of unsuccessful projects fail due to a lack of communication, and by following the step-to-step guide of the project life cycle, you will be able to avoid this breakdown of communication and successfully see the completion of your project.

These are the six stages of a project life cycle below:

The six phases of the project life cycle are:

• Project Initiation
• Project Planning
• Project Execution
• Project Monitoring and Controlling
• Project Closure
• Post-Project Optimisation

As you can see, each stage of the project life cycle has specific goals and objectives to accomplish before you can move on to the next. This ensures that nothing falls through the cracks during any of the phases and that all opportunities and risks involved are addressed before it’s too late.

What are  the individual stages of a project life cycle?

The stages of a project life cycle

There are 4-6 stages of a project life cycle, depending on who you ask. Some like to group a few stages for efficiency, while others prefer that each stage has its own designated spot. No matter how many stages you’re used to working with in a project life cycle, they will all include the following, as either stand-alone stages or combined:

Project Initiation

The first stage of a project life cycle is the project initiation stage. In this stage, a project manager and all the relevant parties involved will come up with an idea that solves a business need, problem, or opportunity and then go on to define the project’s goals and plan for its execution.

During the project initiation phase, the project manager will need to define an objective for the project, determine whether the project is feasible or not, and identify the major deliverables of the project. In this phase, a lot of research, discovery and discussion needs to take place but with very little detailed planning (that comes later). The project initiation stage is more of an overview of the work to come and how your business is going to implement its new project to fruition. In short, it’s the “what” and “why” of the project planning phase.

Project Planning

As the name suggests, the project planning stage is all about planning, and in this stage, it should be a top priority in order to effectively bring a project to completion. In this phase, a project manager will spend a large portion of their time writing the project plan as it is crucial to fully understand all the components of a project before the execution in order to avoid any unnecessary obstacles that may crop up along the way.

During the project planning phase, all the required documents are created  to ensure that everyone involved has a thorough understanding of what they are trying to achieve and what they are responsible for. Once the expectations and the criteria for the project are clear, the project scope is then finalised depending on the resources available and the client’s priorities. In short, in the same way that the project initiation phase is the “what” and “why”, the project planning phase is the “how”.

Project Execution

The next phase which is the project execution, is all about getting things done. The project manager has laid the groundwork and gotten project approval and funding in the previous stages, and now it’s time for them to rally the troops and start distributing and executing the project tasks. The project manager will spend most of their time in this stage coordinating their teams, helping ensure quality work is done, keeping track of resources, and updating the stakeholders to ensure a successful project execution.

Project Monitoring and Controlling

This stage is where the project manager needs to check the work against the initial plan and adapt to any changes if necessary. It’s called the monitoring and controlling phase because of this. The best way to ensure progress and improvement in your projects is by tracking and reviewing the project performance and adapting to any challenges that may arise before it’s too late. Although it’s  listed it as the fourth stage, it should be noted that some project managers prefer to group it with the execution stage and not as a stand-alone.

Project Closure

Once the tasks of the project have been completed, you enter the project closure phase. In this phase, the project manager will supply the final deliverables, release project resources, and determine the success of the project.

Post-Project Optimisation

The final stage of the project life cycle is the post-project optimisation stage. After a project is completed, a project manager will reflect and analyse the finished project to find out how the project went in terms of success, meeting objectives, where the project went wrong, where the team can improve, and how to better prepare for the next project. The final stage is all about discussing and implementing the changes that will improve the success of all your future projects.

Final Words

When it comes to the project life cycle, no matter how many stand-alone stages you use as a project manager, you’ll still be incorporating all the necessary steps in your step-by-step framework. If you’re looking to improve  your project management skills, then it’s a great idea to sign up for a project management online short course, to discover new and established project management tools and techniques to help you gain a better understanding of the project life cycle.