A project is comprised of multiple operations that are separated in time and space. combined together these procedures endure a vicious lifecycle where approximately 70% of projects fail, excluding IT projects that resort to machine learning.

The project lifecycle consists of five fundamental phases:

• The initial phase :

During the initiation phase a project charter is developed, a visual sheet where the team members, the sponsors, the cost/budget, the time frame, risk assessment and the deliverables (goals, service or a product) are specified. Simultaneously, the stakeholders (decision makers, partners, customers) are identified.

• The planning phase :

During this stage a scope of effort is established where the objectives are defined and refined to boost the development of a sustainable/durable course of action to attain the desired objectives.
Time and budget management plans are affirmed and work is divided into small workloads (WBS: work breakdown structure).

• The execution phase :

The majority of work is conducted during this phase including the procurement of ressources. products and deliverables are created and built and the efficiency and productivity team is developed to make sure the project is kept on track.
Processes such as “Crashing” are accustomed during the execution phase, where more ressources are added to the production chaine to gain time and meet the scheduled deadlines.

• Monitoring & controlling phase :

The project performance is measured against the project plan to evaluate the success rate of the project and if it meets the plan’s requirements.
Procedures such as SWOT risk management plans are commonly used to identify the strength, weaknesses, opportunities and threats. And softwares like Pastel accounting are often used for this objective.
Pivot or Pivoting is another important process that takes place during the monitoring stage. And pivoting is essentially a shift in business strategy or product design after the market research feedback demonstrates that the deliverables aren’t meeting the clients needs.

• Project closure phase :

During this final stage, operations include PIR (post-implementation reviews) and recommendations, to evaluate whether the project objectives are met and to help with the implementation of future projects. PIR reports are often conducted by a third party to ensure clarity.
The deliverables are transferred to customers and business support functions after all the exit-criteria are met.

Author : Ali ALLA.