PROJECT MANAGEMENT THE PROJECT LIFE CYCLE
PROJECT MANAGEMENT Most projects follow a five-phase life cycle:
➢ application of knowledge, skills, tools, and Phase
techniques to meet the objectives of a Description
temporary effort (project) that has: 1. Initiation
• A start and end date Define the project, create a
• Specific goals business case, get approval
• A defined scope 2. Planning
• Resources and a budget Set objectives, define scope,
KEY COMPONENTS OF A PROJECT schedule, budget, and risks
Component Description 3. Execution
Scope What will be delivered (and what Perform the work, coordinate
won’t) resources, manage teams
Time Project schedule and deadlines 4. Monitoring &
Component Description Controlling
Cost Track progress, manage changes,
Budget and financial resources control scope and costs
Quality 5. Closing
Standards the deliverables must Complete tasks, hand over
meet deliverables,
Resources close contracts,
People, review performance
equipment, HOW IT WORKS:
materials 1. Initiation
needed ✓ Define the project need, feasibility,
Risk and stakeholders
Potential problems and uncertainties ✓ Output: Project Charter
Stakeholders People or groups affected by the 2. Planning
project ✓ Develop the roadmap (scope, time,
cost, risk, quality) 5. Quality Management – Meeting standards
✓ Output: Project Management Plan 6. Resource Management – Managing people
3. Execution and physical resources
✓ Carry out the work, lead teams, 7. Communications Management –
manage communications Information flow
✓ Output: Deliverables in progress 8. Risk Management – Identifying and
4. Monitoring & Controlling (runs in parallel mitigating risks
with Execution) 9. Procurement Management – Purchasing
✓ Measure progress, manage changes, goods/services
ensure quality 10. Stakeholder Management – Engaging
✓ Output: stakeholders effectively
Performance COMMON PROJECT MANAGEMENT TOOLS
Change Requests AND TECHNIQUES
5. Closing Tool/Technique Purpose
Reports, Gantt Chart Visual schedule of tasks
✓ Finalize all activities, handover, over time
evaluate performance Work Breakdown
✓ Output: Final Product, Lessons Structure (WBS)
Learned Breakdown of project into
PROJECT MANAGEMENT KNOWLEDGE AREAS smaller parts
(PMBOK GUIDE) Critical Path Method
1. Integration Management – Unifying (CPM)
processes and decisions Identifies the longest path
2. Scope Management – Defining and of tasks
controlling what is included Tool/Technique Purpose
3. Time/Schedule Management – Planning and PERT Chart
controlling time Estimates time using
4. Cost Management – Budgeting and optimistic, pessimistic, and
controlling costs most likely
Risk Matrix Prioritizes risks based on • Inadequate risk management
likelihood and impact • Lack of stakeholder support
Project Management • Insufficient resources
Software SUMMARY TABLE
Tools like MS Project, Trello, Area Description
Asana, or Jira Definition Temporary effort to create a unique
result
ROLES IN PROJECT MANAGEMENT Phases Initiation → Planning → Execution →
Role Responsibility Monitoring → Closing
Project Manager Plans, executes, monitors, and Key Areas Scope, Time, Cost, Quality, Risk,
closes the project Communication
Project Sponsor Provides direction and funding Tools Gantt Chart, WBS, Risk Matrix, PM
Team Members Execute project tasks software
Stakeholders Affected by or can affect the Success
project Factors
Clients/Customers Receive the final deliverables Clear goals, communication,
leadership, risk control
KEY SUCCESS FACTORS
• Clear objectives and scope
• Strong leadership
• Good communication
• Realistic planning and budgeting
• Effective risk management
• Stakeholder engagement
• Team collaboration
COMMON PROJECT RISKS OR FAILURES
• Scope creep (uncontrolled changes)
• Unrealistic deadlines
• Poor communication