Project management is a process of planning, organizing, and managing a project. It’s like playing chess. You have to think several steps ahead in order to win. In this article, we’ll look at the five phases of project management: initiating phase, planning phase, executing phase, monitoring & controlling phase and closing phase.

Project Conception

The Project Conception phase is where you define the goals of your project. This includes determining what problems it will solve, who will benefit from its completion and how long it should take. You’ll also want to consider any potential problems that might arise during this stage so you can plan accordingly.

The project manager must work closely with key stakeholders in order to get buy-in on all aspects of the project before moving forward into development or implementation phases.

Project Planning

Project planning is the process of defining the scope, schedule, budget and resources required to complete the project. It is one of the most critical phases in any project as it sets the stage for the rest of the project.

Planning should be viewed as an ongoing activity throughout all phases of a project and not just something that happens at its beginning. SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) goals help you keep track of your progress and make sure that nothing gets left behind on your way to completing your goal!

Project Execution

Project execution is the phase in which the project management team and the project stakeholders work together to implement the project plan. During this phase, you will be working with your team members and stakeholders to complete the project.

• Project Execution Phase Activities include:
• Plan & Execute Work Packages: This is where you will break down a large task into smaller ones so that they can be completed more easily by team members or subcontractors. For example, if you are building an office building, then breaking down tasks like installing windows or painting walls would make it easier for everyone involved in those areas (i.e., carpenters).
• Monitor Progress vs Budget/Schedule Targets: You need to keep track of how much money has been spent so far on each activity within your budget constraints; at this point if something needs extra funding because costs have gone up due unforeseen circumstances (such as materials being more expensive than anticipated), then make sure there’s enough room left over before starting any new projects!

Project Monitoring

In project management, monitoring is the process of collecting and analyzing information about a project or program to determine whether it is progressing satisfactorily. Monitoring can be used as an indicator of how well a project is being performed against its original plan or whether changes in strategy are needed.

Monitoring should be conducted throughout all phases of the project life cycle: initiating, planning and design (including implementation), operation/controls maintenance, closure/handover.

Project Close

Project Close is the final phase of the project life cycle. It’s an important phase, because it’s when the project is formally completed and handed over to the client.

Project Close involves performing a final review of all work performed on an individual project or program, assessing what went well and what didn’t go so well, documenting lessons learned from these experiences for future projects/programs (if applicable), and putting together written reports summarizing each phase in order to provide documentation for future reference

Conclusion

The five phases of project management are very important to understand. They help you to control and monitor your project from start to finish. Each phase has its own set of activities that need to be completed before moving on to the next step in the process.