The first phase of the Project Lifecycle is called Initiation. This is the stage where the project objective is identified. This can be a benefit or drawback for the business. A wise response to the action is noted in a business relevant case with advocated options. An assessment of the proposed plan is managed to see if each idea addresses the project’s goal. Lastly a final recommended solution is determined. Questions like ‘Is the project doable?’ and ‘Should we do this?’ are answered.
When the advocated idea is accepted, the project is initiated to send the approved idea and a project manager is appointed. The essential project goods and the groups are identified. The project team begins to take action. The team is then issued by the project manager to move to the next phase which is the Planning phase.
This phase is where the project idea is developed in greater detail and the project’s objective is planned. The team moves forward and identifies all the work to get done. Many project attributes are identified including the requirements of tasks and sources as well as the strategies for their creation. A project plan is created through outlining tasks, dependencies and activities. The project manager organises project budget preparation through providing cost estimates for equipment and materials. The budget monitors and controls expenditures during the project’s implementation.
Once the team has scheduled its tasks, identified the work and estimated the costs the three main tasks are complete. The next part in this phase would be looking for and identifying risks and threats. Looking for things which could corrupt the project’s current success. Problems which have the potential of serious damage are identified along the way. Immediate action is taken when a threat is discovered to reduce the impact it has on the project or reduce the chance of it happening again. Identifying all stakeholders would be wise at this point. Describing the information necessary in a confirmed communication plan is another thing to do at this point. This keeps the stakeholders up to date. The last thing to do in this phase is to provide targets, assurance, control measures as well as an acceptance plan which will list the ways to gain trust and assurance from customers.
This phase could be called the Execution phase. The work planned in the previous phase is carried out and performed.