Project life cycle

Initiating - Planning - Executing - Monitoring / Controlling - Closing

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Here is my comprehensive project life cycle cheat sheet:) Please keep in mind that the specific steps and documentation requirements can differ based on the project's complexity and the procedures followed by your organization.

​1. INITIATING

Business Case The purpose of the business case is to justify the need for the project and determine whether it aligns with the organization's strategic objectives. It outlines the reasons for undertaking the project, including potential benefits, risks, costs, and expected returns on investment. Business case precedes project charter.

• Alignment between deliverables and the company’s strategic objectives

• Sponsors

• Financial and organizational benefits

• Project team requirements and critical knowledge sources

• Risks and failure indicators

• Project assumptions

• Capital and operational costs

• Return on Investment (ROI)

• Business case presentation for project approval
  

Project Charter

The purpose of the Project Charter is to formally authorize the project, establish the project’s objectives, and define roles and responsibilities. The Project Charter sets the foundation for the project and provides the project manager with the authority to begin project work.

• Appointing a project manager and a project team

• Key stakeholders Identification

• Background outline (issue or problem)

• Project objectives

• Project scope

• Project deliverables

• Project metrics (KPIs, KSIs)

• Project timeline

• Project cost

• Project constraints

• Project approach

• Project risks
  

​2. PLANNING

Project Plan

The project plan is a roadmap for the execution of the project. It outlines the sequence of activities, tasks, and milestones required to accomplish the project's objectives. It provides a clear roadmap for the project team to follow, ensuring that everyone knows what needs to be done and when.

1. Project Plan Summary

• Project background

• Objectives and KSI (short-term KSI and long-term KSI)

• Project approach overview

• Project scope summary

• Budget overview

• Schedule overview (milestones only)

• Risk analysis

2. Project Plan Documents

• Stakeholder register

• Stakeholder communication plan (if applicable)

• WBS (Work Breakdown Structure)

• Risk Register

• Project budget

• Project schedule

• Resources allocation plan

• Risk Register

3. Project Plan Approval

• Project plan presentation

• Obtaining Project Plan approval
  

​3. EXECUTING

This is the stage where the actual work is done, and project deliverables are created. Deliverables are the tangible or intangible outputs, results, or products that the project was initiated to produce.

1. Project Activation

• Inform stakeholders

• Brief participants

2. Team Management

• Assemble the project team (if it hasn't been done already)

• Communicate the project's goals, roles, responsibilities, and expectations to team members.

• Provide training to team members if necessary

• Establish communication and reporting within the team.

• Assign tasks and responsibilities to team members

• Conduct regular project status meetings with the team to review progress, discuss issues, and make decisions.

• Provide a platform for team members to share real-time updates and challenges.

3. Resource Allocation

• Allocate and manage project resources, including personnel, equipment, and budget, according to the project plan

• Monitor and adjust resource allocation

4. Stakeholder Communication Management

• Send project status reports and maintain regular communication with project stakeholders

• Address stakeholders’ concerns and issues

5. Schedule Management

• Regularly update the project schedule

6. Procurement and Vendor Management

• If the project involves external vendors or contractors, manage their performance and ensure they deliver according to the terms and contracts.

7. Project Acceptance

• Seek acceptance and approval from project stakeholders or clients for completed deliverables or milestones.

8. Maintaining Project Documentation

• Maintain thorough project documentation (drawings, permits, information requests, quotation requests, quotations, perches orders, invoices, etc.)

• Ensure that all changes and decisions are properly documented

​4. MONITORING / CONTROLLING

The project Monitoring/Controlling Stage and the Project Executing Stage are closely related, but they have different focuses within the project management process. The Monitoring/Controlling Stage is focused on tracking and measuring the progress and performance of the project. Even though the project Monitoring/Controlling Stage includes activities such as schedule tracking, budget management, risk management, and quality control, the actual delivery of project deliverables is not a part of this stage. Instead, it's a key aspect of the Project Executing Stage.

• Performance Monitoring

  • Monitor the project's progress, performance, and adherence to the project plan.

  • Use key performance indicators (KPIs) to measure progress and quality.

  • Collect project metrics
    

• Change Control Management

  • Evaluate and assess proposed changes to the project scope, schedule, or budget.

  • Follow the change control procedure
    

• Budget Management

  • Monitor project expenses
    

• Quality Assurance

  • Monitor and enforce quality standards

  • Implement quality control processes and inspections
    

• Risk Management

  • Continuously assess project risks

  • Implement risk response strategies as necessary
    

• Schedule Tracking

  • Address schedule deviations and make adjustments
    

• Documenting of Lessons Learned

  • Continuously collect and document lessons learned from the project

​5. CLOSING

The project Close Stage is formally concluding the project, capturing lessons learned, and ensuring that all project activities and obligations have been addressed.

• Document project results

• Finalize financial records

• Processing final invoices and payments

• Closing out contracts with vendors and contractors

• Release remaining contractual retainage or payments

• Document lessons learned

• Prepare a Project Closure Report