Does the thought of managing a corporate project sound like something out of a nightmare? Nobody can blame you! With all of the individual components that must work together to achieve a project’s outcomes, and the need for these to all be managed at the same time, project management certainly isn’t for the faint-hearted. So, what are project management processes? How do they facilitate the successful completion of a project? Let’s find out:
Life Cycle Of A Project
Simply defined, a project management process is an activity falling within one of the five main ‘phases’ or ‘stages’ of a project. These five phases combined make up the project life cycle.
Before a project can get on track, it needs to be sold to the people who will be paying for it. This is known as the initiation process, and it involves the development of two documents:
Business case: This document justifies the need for the project and lays out the potential return on investment.
Feasibility study: This document lays out the project’s goals, timelines, costs, and resources required.
Process number two is all about planning the project for success and is arguably the most difficult part of any project. Here project managers have to assemble the team they’ll need, and conceptualise the project from start to finish – including all other aspects that need to be catered to. A project management plan should include:
Tasks: detail all of the tasks required at every stage of the project.
Schedule: show the duration of tasks and timeframes for each project process.
Cost: formulate a budget by assessing all of the costs involved.
Procurement: choose which activities will be outsourced, and who to outsource to.
Risks: detail possible project risks and possible solutions that can be implemented.
Staff: determine all roles and responsibilities for project team members.