Best Practises in Mastering Project Management across the Lifecycle

Understanding the project lifecycle involves 5 phases: Initiation, Planning, Execution, Monitoring, and Closure. Each phase has its challenges and needs specific strategies. As projects become more complex, following best practices is crucial.

Here are the 5 phases and key strategies for achieving the best results across all industries.

1. Initiation: Laying the Groundwork

The initiation phase is where the journey begins, and its significance cannot be overstated. It involves defining the project at a broad level, aligning it with business goals, and establishing its feasibility. A vital practice here is to develop a clear project charter that outlines the objectives, scope, stakeholders, and the overall impact. Engaging stakeholders early and effectively can also pave the way for smoother project progression.

2. Planning: Crafting a Blueprint

Planning is arguably the most critical phase of the project lifecycle, demanding attention to detail. Best practices include:

• Developing a comprehensive project management plan that addresses scope, resources, timelines, and communication strategies.
• Employing robust project scheduling and resource allocation tools to ensure realistic timelines and efficient use of resources.
• Incorporating risk management strategies from the outset to identify potential pitfalls and devise mitigation plans.

3. Execution: Where Plans Meet Reality

The execution phase is where the project plan is put into action. Key practices for successful execution include:

• Maintaining clear and consistent communication across the project team and stakeholders to ensure alignment and address issues promptly.
• Implementing a quality management system to ensure that project deliverables meet the defined standards and requirements.
• Utilising agile methodologies, where appropriate, to allow for flexibility and adaptive planning as the project evolves.

4. Monitoring and Controlling: Keeping the Project on Track

This phase is critical for identifying deviations from the plan and implementing corrective actions. Effective monitoring and controlling practices include:

• Regular progress reviews and performance measurements against project KPIs to ensure objectives are being met.
• Adjusting project plans and resources as needed to address any variances.
• Emphasising change management to handle any alterations to the project scope or objectives efficiently.

5. Closure: Wrapping Up with Purpose

Finally, the closure phase marks the project's completion. Best practices here involve:

• Conducting a comprehensive project review to capture lessons learned and insights for future projects.
• Completing all project documentation and ensuring deliverables are accepted by the stakeholders.
• Recognising and celebrating the team's efforts and successes.

Managing the project lifecycle involves planning, execution, and ongoing improvement. Following these best practices helps project managers lead projects to successful completion and deliver value to their organizations. As the project landscape changes, keeping up with trends and technologies will help project managers excel.

For more information on how we can assist your organisation's Project Management - contact ArdentAU at [email protected].