Project managers oversee execution, ensuring that tasks are completed on time, resources are used effectively, and communication flows smoothly between team members and stakeholders. Regular status updates and meetings are held to monitor progress, address issues, and make necessary adjustments to keep the project on track.
4. Monitoring and control: monitoring and control are essential to ensure that the project remains on schedule and on budget, and meets defined quality standards.
Project managers track key performance indicators , review project metrics, and compare actual progress against planned goals. This phase involves managing changes, resolving conflicts, and addressing risks as they arise. Periodic reports are also produced to keep stakeholders informed about the status of the project and any necessary adjustments.
5. Closure: The closure phase signifies the end of the project. It involves finalizing and delivering project results, conducting a project review or post-implementation review, and obtaining stakeholder approvals and signatures. Lessons learned from the project are documented to improve future projects. Contracts are closed and resources are released.
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A formal project closure report is prepared, highlighting accomplishments, challenges, and recommendations for future projects. Celebrating project success and recognizing team members' contributions is also an essential part of the closure phase.
Pro Tip: The project lifecycle is not necessarily a linear process. Iterations, adaptations, and feedback loops can occur throughout the project, allowing for flexibility and necessary adjustments.
The Four Constraints of the Project Management Life Cycle
Within the project management life cycle, there are four constraints that project managers must effectively manage:
1. Time : Time constraints can be influenced by external factors such as: