As per PMI, there are 5 phases to the project known as Proces Groups as part of the project lifecycle as described below.
Initiating
This is the first phase of the project when the project is formally approved and kickstarted. A high-level plan may be prepared in the form of a project charter and shared with the senior stakeholders of the project and the project manager is appointed to take the project further.
Planning
In the planning phase, the project manager plans details about the management of all aspects of the project including – Scope, Time, Risk, Cost, Quality, Communication, Procurement, Human Resources, Stakeholder Management, and more depending on the process customization and project management practices used.
Planning is an ongoing process and succession planning will help execute the project well.
Executing
This is the phase process group) where all the work happens, i.e all that has been planned by the project manager is brought into action.
Monitoring & Controlling
During the course of executing f the project not everything goes as planned and other it is not smooth sailing.
As a project manager, one has to continuously monitor the progress against the plan and take preventive and corrective actions. That is what is done in the monitoring and controlling phase of the project.
Closing
The project charter and stakeholder registry start the project life cycle. This phase sets a project vision, writes a business case, and gets stakeholder approval. Project charter essentials:
Initiate
Plan
Execute
Monitor & Control
Close
