Question

Describe the 5 stages of a project and explain why the first 2 stages are so important

Answer 1

The five stages of a project are initiation, planning, execution, monitoring, and controlling, and closure.

Initiation- in this stage, the terms of references within which the project is to be run is set. In this stage, the business case is declared, the project's scope is decided, and expectations of the stakeholders are set. This stage sets justification for the project, considered options, timeframes, budget, benefits, and potential risks.

Planning- in this stage, a detailed plan, along with the required activities and actions, are created, and this stage brings systemization and clarity of the process. In this stage, project vision, project schedule along with a deadline, team composition, individual as well as group responsibilities, tools, and techniques for use and project workflow is decided.

Execution- in this phase, the plan decided for the project activity is implemented, and the creative stage starts. The majority of the work related to the project is recognized in this stage.

Monitoring and controlling- in this stage, every task and metric required are overseen. In this stage, the planned performance is compared to the actual performance, and then if required, correction is made with appropriate steps.

Closure- in this stage, the project is closed formally, and a report is produced for the client or project sponsor on the overall level of the successful completion of the project. The deliverables are handing over to the owners, suppliers contracts are canceled, equipment and staffs are released, and stakeholders are informed about the closing of the project.

The first two stages of initiation and planning are considered as the most important stages among all stages. If initiation is not done properly, the project would have a higher risk of failure. On the other hand, the most significant step, as well as the key to the success of the project, is planning. In these two stages or phases of the project life cycle, every preparation work is done by the team member and a strong foundation is set for the development of the project.