We have learnt what is project management . There are four phases of project management which are required to manage projects effectively on standard, time and costs.
Defining and organizing the undertaking: Defining undertaking is the first step in the undertaking management procedure. 1. In this procedure you identify the business need for and objectives of the undertaking; clarify competing demands and watch for scope creep. Organizing of the undertaking is an crucial step towards planning of the undertaking. Organizing undertakings means defining roles and responsibilities, create a undertaking charter, and develop high-level time and cost estimates.
Planning the project: Planning phase of the project management is done based on organization done in the previous step. 2. In this phase you assemble your team and assign tasks to individuals, develop a budget for the project, develop a schedule and create a communications plan. While doing planning for the project, effective and clear estimate of the time and costs are done. If any changes needs to be done in the planning for more clear estimates of time and costs, sometimes organization of the project is reviewed.
Executing the project: In this phase of the project, team is ready to launch the project. 3. Team members monitor and control progress in terms of cost, time, and standard; and manage risk. It is kept in the mind that during the execution of the project, it is needed to keep the process monitored for timely completion of the project, as per schedules. If the project work is not carried out as per schedules, and execution is well behind the schedule, then cost and standard of the project will be effected. If the time of the project is increased, it increases the cost of manpower and their allowances affecting the budget set for the project. Meanwhile, if the project is still needed to be completed on time, then the standard of the project is effected. Always remember, standard = Time + Cost. If cost or time is effected, standard of the project is effected.
4. Closing down the undertaking: Once the execution of the undertaking is completed, the undertaking team evaluates the team’s performance, documents related to the undertaking are achieved, lessons learned form the experiences in the undertaking is captured and celebrate the undertaking’s completion.