Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Tutoring
  • Home
  • Business Management & Operations
  • Operations, Project, & Supply Chain Management

Phases of a Project - Explained

What are the Phases of a Project?

Written by Jason Gordon

Updated at March 29th, 2022

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

Table of Contents

What are the Phases of a Project?What is the Initiation Phase?What is the Project Planning Phase?What is the Execution Phase?What is the Monitor and Control Phase?What is the Closeout Phase?

What are the Phases of a Project?

The Project Management Institute identifies four, sequential phases. Though, there are five commonly-recognized project phases:

  • Initiation
  • Planning
  • Execution
  • Monitoring & Control (not included by PMI)
  • Closeout

There are multiple sub-phases or activities that are completed within each phase. 

What is the Initiation Phase?

The activities during the initiation phase vary based upon the project, but they often include:

  • Identifying the business problem or opportunity
  • Defining a solution is defined,
  • Forming a project, and
  • Appointing a project manager or team

In summary, they include all the activities necessary to begin planning the project. 

It is also worth noting that this phase may be charged with seeking approval for the project from stakeholders. This is normally accomplished through two documents:

  • Business Case: This document justified the need of the project. It generally calculates a return on investment.
  • Feasibility Study: This document generally identifies the cost of the project (in terms of resources needed), identifies the goals, and sets a timeline to completion. As the name implies, the documents seeks to make certain that the objectives of the project are achievable within the primary constraints. 

What is the Project Planning Phase?

The planning phase, commonly known as the “organizing and preparing,” seeks to lay out how the project with be carried out and the required resources. More specifically, the team will develop a detailed project schedule, a budget, a staffing plan, procurement plan, and project control plans. 

The result should be a detailed project plan containing the following:

  • Scope: The project need, objectives, timeline, and deliverables.
  • Definition: Breaks down the project into smaller specific objectives. 
  • Tasks: Identify necessary tasks for each objective and how they are interdependent. 
  • Schedule: What is the projected timeline, milestones, and projected completion date.
  • Cost: Estimate the costs and put together a preliminary budget. 
  • Quality: Identify quality standards and quality control measures. 
  • Organization: An organizational structure for reporting and project assignments.
  • Staff: Determine team roles and responsibilities. 
  • Communications: A detailed reporting plan and communication structure (email, slack, etc.)
  • Risk: Identify the primary risks associated with the various activities, phases, and objectives. 
  • Procurement: Develop a plan for acquiring the necessary project resources. 

This provides a starting point, which will be adjusted as the project proceeds. 

What is the Execution Phase?

The execution phase, also known  as “carrying out the work,” undertakes the major activities that must take place to complete the work. The project manager will be charged with overseeing progress, supervising those charged with individuals tasks, and monitoring overall project progress. 

What is the Monitor and Control Phase?

The Monitor and Control phase, often grouped into execution, is the act of monitoring the progress of the project. It requires a constant comparison of the use or resources and accomplishment of tasks to the expected budget and project timely. The manager will undertake the following: 

  • Reporting: Providing project progress information to stakeholders. 
  • Scope: Identify any changes to the scope of the project. 
  • Quality: Identify and take action on any deviations in the quality of outputs. 
  • Schedule: Monitor compliance with the project schedule. 
  • Cost: Identify any variations between actual costs and projects. 
  • Risk: Monitor and address any realizations of identified risks. 

What is the Closeout Phase?

The closeout phase, or  “closing of the project”, is when the project is completed, the project team is dissembled, and reporting and deliverables are finalized.  The project manager will go through a punch list to make certain all requirements for the project have been completed. 

The project client takes control of the product of the project, and the project office is closed down.

project phases project phase phase of a project

Was this article helpful?

Yes
No

Related Articles

  • Just in Time Inventory System - Explained
  • Value Mapping - Explained
  • Supply Chain Management - Explained
  • Collaborative Commerce (C-Commerce) - Explained



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand