Project Phases

Phase 1: Initiation 

This phase is about defining and starting the project. During this phase, you would typically:

• Identify the project stakeholders and their requirements
• Conduct a feasibility study to determine if the project is viable
• Develop a business case or project charter to provide a high-level overview of the project and its goals

Let’s say a company wants to launch a new product line. The project would begin with the initiation phase, during which the project team would define the goals of the project and identify the stakeholders involved. They would also conduct market research to determine the target audience and competitive landscape

Example 1: Imagine a company wants to create a new product line of environmentally-friendly cleaning products. During the initiation phase, they would research the market demand for such products, identify their target customers and the resources needed, and assess the financial feasibility of the project.

Phase 2: Planning

This phase is about developing a detailed plan for the project. During this phase, you would typically:

• Create a project schedule and timeline
• Identify and allocate project resources
• Develop a risk management plan
• Define the project scope and objectives
• Develop a budget and monitor costs

Example: Continuing with the environmentally-friendly cleaning products project, during the planning phase, the company would determine the product features and specifications, decide on the production process, develop a marketing plan, and create a project plan that outlines the timeline and budget for each task.

Phase 3: Execution

Once the planning phase is complete, the project team would move into the execution phase. This phase is about carrying out the plan and completing the project deliverables. During this phase, you would typically:

• Coordinate and manage project activities and resources
• Monitor project progress and make adjustments as needed
• Communicate with stakeholders and manage any issues that arise
• Ensure quality control and risk management

Example: During the execution phase of the cleaning products project, the company would manufacture and package the products, carry out marketing activities, and manage any issues that arise, such as supply chain disruptions or customer complaints.

They would also monitor the project’s progress and make adjustments as needed.

Phase 4: Completion 

Finally, the project would enter the completion phase, during which the product line would be launched, the project team would conduct a post-project review to evaluate the success of the project and identify areas for improvement. This phase is about completing the project and handing it over to the stakeholders. During this phase, you would typically:

• Conduct a final project review to evaluate performance and identify lessons learned
• Obtain sign-off from stakeholders to formally close the project
• Archive project documentation and deliverables
• Celebrate project success

Example: After the environmentally-friendly cleaning products project is complete, the company would conduct a review of the project’s performance, document lessons learned, and archive all project materials. The project manager would then formally close the project by obtaining sign-off from stakeholders and celebrating the team’s success.