Successful project completion is undoubtedly a bumpy corporate ride. Navigating through the unavoidable business pitfalls, chasing the forever ticking clock, a tight budget, and keeping in sync with the team are a few things to be considered. The word ‘daunting’ is not even close to what project managers have to go through, juggling flawlessly between different work affairs. Project management is the art that is to be mastered because if things go off track, yes, you guessed it right, it is the project manager who owes an explanation and it is the guide to the project management lifecycle, which comes to the rescue!
Knowledge of the project management lifecycle is crucial as it gives an organized, phase-wise work plan for project completion. Getting a grasp of project management is never an easy exercise. To bring clarity, we have come up with The Ultimate Guide to Project Management Lifecycle.Â
The Ultimate Guide to Project Management Lifecycle
A project is all about a start, an end, and so much in the middle of the two. The analytical approach of breaking down a problem into sub-elements is the project management lifecycle’s fundamental principle. The project manager logically dissects the project into smaller key phases with its own sets of goals and characteristics for gaining better control and insight into the complicated procedure.Â
The project management lifecycle defines or answers the following questions.
- What is the project objective?
- What are the expected outcomes?
- Who will be the team members?
- How to track every phase of the project?
There are two widely used project management methodologies- The traditional or Waterfall model is categorized under linear approach, whereas the Agile model follows an iterative approach. Let us look at the various project management stages in the traditional model and its purpose.
Related read: The Ultimate Guide To Project Resource Management (Best PowerPoint Templates Included)
4 Stages of Traditional Project Management Lifecycle
A traditional project management lifecycle goes through 4 stages or phases.
- Initiation phase- The first phase is the initiation phase, which starts with the documentation process. It involves gathering all the project documents that might be required for reference. Additionally, project objectives and scope are listed in the project charter, and consultation with subject matter experts is undertaken during the initiation phase. Feasibility assessment is conducted, and the project team is assembled in the project initiation phase.
- Planning stage- The budget estimation plan, communication plan, and the risk management assessment plan are crafted during the second step of the project management lifecycle. The project schedule is created using Gantt charts and timelines. Tasks are listed and sorted according to priority using a work breakdown structure in the planning stage. The roles and responsibilities are delegated as per the expertise.Â
- Execution and monitoring phase- The triple constraints of project management, namely: time, cost, and quality, are catered during the third phase of the project management lifecycle. Task, time and cost management are discussed in detail and processed in the execution stage. The project manager constantly monitors, controls, and ensures that the project is going as per the plan. If there is some anomaly, it is rectified immediately. Procurement, resource management, reporting on status, portfolio, and timesheet for stakeholders are also part of the third stage of the project management lifecycle along with execution and tracking.
- Completion stage- The last and final phase of the project is the completion stage. Wrapping up the project comprises transferring deliverables, client confirmations, and documentation review to double-check everything and avoid last-minute changes. Finally, as the project is successfully completed, the team is released from the project in the last stage of the project management lifecycle.
Case Study
Let us understand with the help of an example of a marketing campaign project.
- Initiation- The project objectives and target audience are described in the initiation phase. All the prerequisites such as a brand motto, the product range, etc. are gathered in the first phase of the project management lifecycle. The project managers form the team, keeping in mind the skills and qualifications required for the project.Â
- Planning- Dedicated project timeline and budget projection are created in the second stage of the marketing campaign management lifecycle. Each team member is delegated tasks by the project manager, such as content writing, social media posting. etc. as per the expertise.
- Execution and monitoring- All the scheduled plans come into action in the project management life cycle’s execution phase. Project managers keep a close eye on each campaign’s activity to meet the project goals within the stipulated time and proposed project budget.
- Completion- This stage is the final stage of the marketing campaign project lifecycle, which comprises final approval from the client, resource release, and gathering the findings for future reference.
P.S: Do not forget to celebrate your successful project venture with your teammates; after all, the team deserves it!
The project management lifecycle is a great way of simplifying the uber complex process of successful project completion. To help you out, along with the Ultimate Guide to Project Management Lifecycle, SlideTeam professionals have curated 30+ Customizable Templates. Download these content-ready project management lifecycle templates, which are versatile and can be used in different business cases. This Ultimate Guide to Project Management Lifecycle and the contemporary templates are all you need for efficient project management.
So, scroll below!
Top 30+ Customizable Project Lifecycle Templates to DownloadÂ
Template 1
Download Project Management Life Cycle Methodology Template
State the project’s list and describe the planning phase in detail by introducing this content ready project management lifecycle complete deck. With the help of the editable planner in the template, you can mention the activities associated with the project and the deliverables and deadlines.
Template 2
Download Four Staged Sequential Of Project Management Life Cycle Template
Project managers can elaborate on the four stages of the project management life cycle by downloading this stunning template. You can describe the key points of each phase by utilizing this professionally designed project management lifecycle.Â
Template 3
Download Project Management Process Template
Managers can discuss the four phases of the project management lifecycle with the aid of this comprehensively researched template. Using this attention-grabbing business template, you can have effective brainstorming sessions with your colleagues.
Template 4
Download Project Management Life Cycle With Forward Moving Arrows Template
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Template 5
Download 4 Phases Of Project Management Life Cycle Template
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Template 6
Download Project Phases 5 Phases Of Project Management Life Cycle Template
Illustrate the sequential procedure of completing a project by utilizing this pre-designed project management lifecycle template. As this template is editable, you can easily modify it as per business requirements.
Template 7
Download Project Management Life Cycle Consist 4 Phases Template
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Template 8
Download Overlap Process With Project Management Life Cycle Template
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Template 9
Download Project Contract Life Cycle Management Template
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Template 10
Download Project Management Life Cycle Showing 4 Phases Template
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Template 11
Download Management Life Cycle For Phased Project Template
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Template 12
Download Bubble Shaped Project Life Cycle 5 Phases Template
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Template 13
Download Project Development Life Cycle Template
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Template 14
Download Six Phases Of Construction Project Template
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Template 15
Download Project Life Cycle Development Template
Elaborate on the sequential procedure of completing a project by downloading this pre-built project management lifecycle template. As this template is customizable, you can easily modify it as per business requirements.
Template 16
Download Software Project Life Cycle V Model Template
Demonstrate the project management lifecycle comprehensively by incorporating this ready-made template. The manager can explain the V model by utilizing this visually appealing template.
Template 17
Download Business Life Cycle Template
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Template 18
Download Project Phases 4 Stages Of Project Life Cycle Template
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Template 19
Download Phases Of Ensuring Data Privacy Compliance In Project Life Cycle Template
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Template 20
Download Business Life Cycle Strategies Template
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Template 21
Download Business Life Cycle Chart Template
Illustrate the business lifecycle and have effective brainstorming sessions by downloading this eye-catching template. You can modify the template as per business requirements.
Template 22
Download Business Life Cycle Diagram Template
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Template 23
Download Small Business Life Cycle Template
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Template 24
Download Multiple Stages Of Asset Risk Management Life Cycle Template
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Template 25
Download V Model Of Software Project Life Cycle
V model used in software development can be demonstrated by incorporating this customizable template. The project manager can emphasize the key points to be taken care of by downloading this template.Â
Template 26
Download Business Life Cycle Development Template
Demonstrate the different stages of the project management lifecycle process and its importance by downloading this striking template. The diagrammatic representation is beneficial for a better understanding of the concept.
Template 27
Download Business Analysis Life Cycle Template
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Template 28
Download Project Life Cycle Development Example Template
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Template 29
Download Basic 4 Phases Of System Development Life Cycle
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Template 30
Download Phases Of System Development Life Cycle Template
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Template 31
Download Predictive Analytics Roadmap With Life Cycle Template
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We have come up with The Ultimate Guide to Project Management Lifecycle to manage the nitty-gritty of the project like a pro. These customizable 30+ project management lifecycle templates are great time savers for keeping track of various activities. With the help of our Ultimate Guide to Project Management Lifecycle, show off your excellent managing skills with the aid of our contemporary templates.
Download our project management ppt templates now!