6 Sigma Categories
Business & Career Improvement
Stages of Project Management
There are several stages of project management. These stages include the initiation, planning and design, production or execution, monitoring and controlling, and completion. Project management systems that follow this approach are following a traditional methodology many companies still use today. The reasons project management principles are still used today are their results!
The initiation stage of project management is the very beginning. This is where the idea of the project is born. This might include trying to prove to the board members or management why you need the money to begin this project. The initiation stage is the determination of if the project is going to begin or not. This includes accepting bids from vendors, getting approval from upper management, and more. The initiation stage often includes a lot of research prior to determining if the project will work for the business. You might want a new software or database package to manage your billing. This might require researching different software packages to see which one is right for the business.
The second stage of project management is planning and the design stage. The planning phase will begin once you have determined, planned, and have been approved for the project. Planning and design include determining the resources needed to complete the project. Resources include money, materials, assets, and the people who will work on a project. All factors must be considered. The planning will also include a project manager responsible for setting milestones for completion, budget requirements, and meeting with clients to learn their requirements.
Project execution is the third stage of project management, and is also known as the production stage. Once the project management team has designed the entire project, they can begin executing the production phase to begin. This means materials will be ordered, employees will be working on production, and the company will be designing the product.
Project monitoring and controlling is the next stage. However, it is important to keep in mind that project monitoring will actually begin during the planning and design, execution, and other stages throughout the project until it’s completion. Monitoring processes ensures that productivity continues and that milestones are continued to be met. Reaching deadlines and meeting budget requirements is important. This stage can include quality assurance testing. Some companies call their phases alpha and beta testing to control the quality and meet the requirements of the client.
The final stage of project management is completion. Once all requirements of a project have been met and the product is at the final stage, it is complete. This means the project is over. The company might be producing the product on a regular basis or it may be a one time project. However, once the project is complete, the process is set in place, and as long as it is followed, it will continue to be successful.