What are the phases of the project management lifecycle?

The Project Management Institute (PMI) defines five distinct phases that make up the project management lifecycle. These phases provide a structured approach to managing projects from start to finish. 

Project Initiation

The first phase focuses on authorizing and defining the project. During initiation, project managers identify the primary problem, determine project scope, and develop key documents like the business case and project charter. This phase establishes project objectives and identifies key stakeholders. 

Project Planning

Planning is crucial for project success and involves developing a comprehensive roadmap. Project managers create detailed plans covering: 

• Cost estimates and budgets
• Quality standards
• Resource allocation
• Realistic timelines
• Performance baselines

The planning phase typically involves all ten project knowledge areas and results in a formal Project Management Plan .

Project Execution

During execution, the project team actively works on producing deliverables. Key activities include: 

• Conducting kick-off meetings
• Assigning resources
• Managing procurement
• Implementing project plans
• Setting up tracking systems

Monitoring and Control

This phase runs parallel to execution and ensures the project stays aligned with management plans. Project managers: 

• Track key performance indicators (KPIs)
• Monitor project objectives
• Track effort and costs
• Evaluate quality deliverables
• Manage scope changes

Project Closure

The final phase involves formally concluding the project. Activities include: 

• Conducting post-mortem meetings
• Completing outstanding items
• Preparing final project reports
• Archiving project documentation
• Evaluating successes and areas for improvement

While these phases are typically sequential, they can overlap or be iterative depending on the project's needs . Each phase represents distinct milestones in the larger project lifecycle and requires specific deliverables to move forward.

Reference:

PMI PMBok 7th edition 2021 / PMBok 8th edition is in draft review as of December 2024