Question

Using appropriate diagram, Discuss the Project management life cycle.

Simple PMP

Answer 1

Solution:

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• Project Initiation Phase:
  This is the initial stage in the project where the objective is to find the project problem statement and understand the other variables necessary for carrying out the project such as budget requirement analysis, project feasibility analysis and etc. This stage is very crucial because this phase if done right will result in a better-managed project because this is the initial work which is needed to be done to get the information which will be very helpful in getting the project done.
  
• Project Planning Phase:
  In this phase, the project planning takes place where the objectives are to understand the data and analysis from the initiation phase and plan the project accordingly. The budget planning, project milestone planning are some of the important tasks which are carried out in this phase. The scheduling of various activities is a part of the project planning phase.
  
• Project Execution phase:
  This is a crucial part of the project because the actual execution of the project takes place in this stage. The procurement of required materials, acquisitions are some of the important aspects of this project execution phase. The project execution phase has the maximum risk associated with it in the entire project duration.
  
• Project closure stage:
  The project closure stage is the strategy that is devised to close the project and get the project started. The project closure is carried out by the project management team which depends on the project execution phase. The exit strategy for the project depends greatly on the extent to which the project execution is successful.
  

This is the explanation of the four-stage of project management.