How do you define the five stages of managing a project?

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Phases of project management are distinct actions, behavior and skills which are crucial to constructing successful projects.

Below are the five main aspects of the management of projects:

1. Initiation

The initial phase of the project is the point at which you begin an initiative by establishing the basic expectations, like the reasons for why a project is needed to be completed, whether it's viable or not, as well as what's required to finish the project.

Outputs from this phase include approvals from the stakeholder to move on to the next step and documentation regarding the requirements of the project (business case) and rough estimates of the time and resources needed to finish this project ( project charter) and the initial list of stakeholders.

2. Planning

In the planning phase, managers outline the project's scope and timeframe, and potential risks. Continuousity and completeness are the most important elements of the success of a plans for the project.

The outputs from the phase consist of a thorough project plan as well as an outline of the communication plan for the project (if there's no project plan) the budget base, planning and scheduling of projects and specific goals for the project the scope document and an updated stakeholder register.

3. Execution

In the stage of project execution the team members are coordinated and guided by proper communication with the project team to ensure that they accomplish the tasks according to an approved plan for managing the project.

In addition, this stage involves the proper management and allocation of other project resources such as budgets and materials. Deliverables from the project are the result from the phase of execution.

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4. Monitoring and Control

During the project monitoring and monitoring stage in the project monitoring and control phase, the time as well as the cost and performance of the project is compared throughout the process and any necessary modifications are made to projects activities, resources and plans to ensure that things stay on the right path.

Outputs from this stage comprise the project's progress reports as well as other information which ensure that the project adheres to plans and avoid larger deadlines and deadline interruptions.

5. Closure or Finalization

The process of completing the project, examining the deliverables of the project, and then transferring them to business executives is known as the closing phase within a life cycle of project management.

This phase is a time to reflect and celebrate. Results from this management phase are approved project outcomes and knowledge which can be applied to similar projects in the near future.

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Find out what's important in this easy-to-read guide for those who don't have experience as project managers.

Every aspect of project management is very hands-on. In contrast to other areas it is impossible to get to the top through mistakes. Experimentation can only result in your being slain. It is essential to strictly abide by the fundamentals to be successful. This PMP Certification guide will be of help. 

This guide to project management is helpful for beginners who were dropped into the depths of the project management basics, without formal training as well as experienced or intermediate manager of projects who wish to know more about the process of managing projects and methods for managing projects.