In order to understand the complete system, it is important that you should know about the PM life cycle. Project management life cycle is consist of 4 phases initiating, planning, execution and closure. Not necessary that all the projects passes or complete all four phases because some of the projects failed to complete any of middle phase or first phase.
Project Management Life Cycle:
There may be difference in the research phases but I will discuss four phases one by one according to my experience
Initiation phase is one of the most important phases of any project because it is considered as back bone of the whole system. In this phase a project manager have to develop a business case template through which you have to research about the problem and finding the alternative solutions. After that you have to take a feasibility report of the project. In initiating phase the most important task which you have to do is establishment of project charter in which you have to consider the scope of the project. Besides that in initiating phase you have to elect the team through which you have to complete the project and also establish a project office.
After successful completion of initiating phase, your project enters in planning phase. Here you have to make various plans such as project plan, quality plan, resource plan, risk plan, financial plan and communication plan. The future running of your project must be based on these plans. Besides above mentioned tasks you have to do few more things in planning phase like defining the process of tenders, create the contacts with different suppliers and issue a request for proposal.
In Execution phase of the project management you have to perform and manage different goals such as time management in which you have to determine how much time you need to complete the certain tasks, cost management for efficient use of cost and giving right estimates of the different kind of costs involved in completion of the project, quality management to ensure the quality of work, change management, risk management to avoid unnecessary risks and minimize the existing risk, issue management in order to resolve different kind of issues within the team of the project, acceptance management in which you have to make sure about the acceptance of work done by your team and in the end communication management in which you have to make sure the effective communication within the team as well as with the clients.
This is the final phase of project management life cycle and in this phase manager have to look at the closure process. These are few formal steps to windup the project. First of all you have to identify the criteria of completion. You have to handover the end product to the customer and also handover the documentation to the quarter concerned. Besides that you have to communicate the project closure to the business as well as customer. You also have to perform a post implementation review of your project in this phase. Through this review you can find the degree of success of project, achievements by the team and lessons learned for the future.