When we consider a Project Management Life Cycle, we can break down into four main parts. These parts are Project Initiation, Planning, Execution, and then Project Closure.
The first phase called Project Initiation is when we start the project on its way. It involves business case documentation, creation of a feasibility study, defining terms of reference, tagging the project team members, and producing a Project Office.
Planning requires the development of four different plans, namely, a Project Plan, a Resource Plan, a Financial Plan, a Quality Plan, an Acceptance Plan, and lastly a Communications Plan. These various plans will serve as guideposts for implementation of the project by the project team members. Without adequate planning, implementation may become scattered and without direction.
In the Execution phase, we see deliverables being built up while the different project factors of risks, quality, costs, scope, delivery and issues must be managed well. We might say this is where the Management in Project Management can be felt the most.
The project will come to a gradual end when the Project Closure phase is entered into. In this phase, the project team members are slowly relieved of their responsibilities and the deliverables are received by the customer. There should then be a post implementation review conducted, as the last activity in this phase. This review should show how successful the project actually was, while emphasizing any observations that may help in implementation of future projects by the same organization.