The Project Management ABC: Module 3 – The Project Life Cycle

Now that I have discussed the meaning of Projects and some factors that impact them, it’s time to delve into the typical project life cycle, which represents the phases, or stages, a project passes through during its lifetime.

PMP and PRINCE2 Perspectives

PMP and PRINCE2 approach the project life cycle differently. While PMP takes a more adaptable and flexible approach, PRINCE2 is structured and prescriptive. Below are two critical differences between these two project management methodologies.

Is flexible and recognises that the project life cycle depends on the organisation and industry in which the project is being executed. Furthermore, it recognises that the life cycle might vary based on the project-specific requirements and therefore allows the project manager the flexibility to tailor the project life cycle phases as per the project’s needs.	It takes a very structured approach where it defines a set of phases (called management stages) applicable to all projects irrespective of the organisation, industry, or project requirements.
Focuses on the application and interaction of Performance Domains within each project life cycle phase. It puts weight on the need for project teams to evaluate the adequate performance of each domain rather than conforming to specific processes.	Emphasises the need for a governance structure and controls throughout the project life cycle, including setting up and running project boards and assigning specific roles, including project managers.

An extension to PRINCE2 – PRINCE2 Agile – was developed and launched in June 2015, integrating the principles of Agile into the PRINCE2 framework. The main objective of PRINCE2 Agile is to provide a flexible project management approach, especially for product-driven organisations. However, although PRINCE2 Agile is more flexible than the traditional PRINCE2, it still puts a lot of weight on processes, governance, and control compared to PMP.

This blog is not meant to go into detail on the PMP, and PRINCE2 approaches but rather to discuss the phases in a typical project life cycle. However, feel free to contact me for more information about PMP, PRINCE2, and PRINCE2 Agile.

The Typical Phases of a Project Life Cycle

The typical Project Life Cycle consists of mainly five phases – Initiation, Planning, Execution, Monitoring and Controlling, and Closing.

Initiation Phase

The initiation phase typically consists of the following activities:

• Ensuring that the project’s objectives are aligned with the broader organisational goals.
• Defining, at a high level, the
  • Project’s scope together with major milestones/deliverables.
  • Project’s timeline and budget.
• Identifying key stakeholders and their interests and influence on the project.
• Execution of a risk assessment to understand and assess the potential uncertainties the project may have to deal with during its lifetime.

All this information is usually collected in one or more documents and presented to management for approval. Once approved, the project will move to the next phase.

Planning Phase

The next phase is the planning phase, where the scope is to create a well-detailed plan that will guide the execution of the project. Some of the activities involved in this phase include:

• Detailing the project scope through the collection of requirements from various stakeholders. The aim is to ensure a comprehensive understanding of what will be delivered as part of the project.
• Breaking down the project timeline into smaller activities, called tasks and subtasks.
• Sequencing the tasks while identifying dependencies.
• Estimating each activity.
• Identifying the resources required to deliver each activity.
• Estimating the total project cost

Execution and Monitoring and Control

The third and fourth phases are the Execution, and Monitoring and Control phases. Although some people tend to merge these into one due to their relationship with each other, these are two distinct phases within the project lifecycle.

The execution phase is focused on task implementation and therefore, its primary purpose is to achieve the deliverables as defined within the project scope. This involves team and stakeholder management to ensure the project is executed according to plan.

On the other hand, monitoring and control is centered around performance tracking, variance analysis, and change management. It involves continuous risk monitoring, progress assessment, and regular communication and reporting.

In summary, while the execution phase is about doing the work, the monitoring and control phase deals with progress evaluation, assessment, control, and reporting.

Closing Phase

The closing phase, unfortunately often overlooked or rushed through, is the last phase of a typical project lifecycle. Apart from ensuring a formal closure of the project by cross-checking that the project’s objectives have all been met and the necessary approvals have been formally collected from the necessary stakeholders, it is the right time where the team celebrates success. It is also the right opportunity for everyone involved to reflect on what went well, and what could have been done better to serve as a lesson learned for future projects.

This is just a summary of the activities taking place in each phase. Stay tuned for much more detail on each project phase!

As the objective of this post is to offer newcomers in the field of project management a foundational understanding, I have intentionally simplified certain aspects of the content. If you seek more comprehensive and precise information, please don’t hesitate to reach out.