Many people wonder why project management is so important. Project management can be intimidating because it necessitates a thorough understanding of planning, project scheduling, reporting, and tracking, as well as the value of project management. To become a professional project manager, you must first understand the phases of a project life cycle and why taking a project management course is necessary to advance your career.
The phases of a project life cycle
No matter what kind of project you’re working on, it goes through the same stages. Even though each project has its own set of processes and duties, they all follow a similar framework. A beginning, a middle, and the end are always present. The project lifespan is the term for this process.
The project lifecycle ensures predictability and allows the project manager to break down tasks into manageable chunks. We’ll go over everything you need to know about each phase in this section.
- The initiation phase
The initiation phase is the first step in the project management life cycle. The goal of this phase is to describe the project, develop a business case, and get it authorized. The project manager should have a high-level awareness of the project’s purpose, goals, needs, and threats at the end of this phase.
- The planning phase
The planning step is critical for creating a project plan that can be followed by everyone. This is where all the specifics and goals are written out in order to meet the organization’s criteria.
- The execution phase
Most of the work is done in this area. The project’s deliverables are prepared to ensure that the project’s goals are met. This is where the majority of the project’s money, time, and people are invested.
- The controlling and monitoring phase
This step takes place concurrently with the execution phase. As the project progresses, the project manager must ensure that all moving pieces are moving in the same direction. Unexpected circumstances or a change in direction may necessitate changes to the project plan, which may occur here.
- Project closure
In the project management life cycle, the closure phase is crucial. It marks the project’s official closure and gives time for reflection, wrap-up, and material organizing.
Choosing the correct project management platform for you and your team is crucial to project success now that you understand each stage of the project life cycle.
The benefits of good project management
It improves the efficiency of all aspects of the business when done appropriately. It enables your team to focus on the critical work at hand rather than being distracted by rogue projects or out-of-control budgets. It gives them the tools they need to generate results that have a direct impact on the company’s bottom line. It also lets your employees to see how their efforts contribute to the long-term goals of the organization. Here are a few reasons why project management is important in an organization.
- Goals can be met more quickly
Turning ideas into reality is what project management is all about. Learning how professionals plan, finance, prioritize, and execute projects will benefit you in both your personal and professional lives.
Without a plan, a goal can lead to hours, weeks, or even months of frantic activity. If you approach your goals like a project manager, you will be able to design actionable actions to achieve them while anticipating challenges and prioritizing what is most important.
- Save time and money
You can ensure that your work is performed on time and on budget by properly preparing ahead of time. You can chart your project’s route from the start and know where the deadlines — and estimated spend — will fall, allowing you to better organize your resources, avoid delays, and project overspending.
- Improve internal communications
It can be complicated to handle together. Even when working across teams or departments, more efficient project management practices may minimize the complexity of cooperation, promote transparency, and ensure accountability.
- Make better business decisions
You have a better picture of where your resources are being spent, what you need to prioritize and when, and if you’re on the verge of straying off track with clearer records of how your project is moving. You can predict problems before they become problems, avoid bottlenecks, and make more informed, data-driven decisions with good project management.
- Meet more deadlines
Managing a single project can be difficult enough but juggling many projects can throw a wrench in the works. Learning about the tools and frameworks that professionals use to plan their projects can help you add value to your projects and prevent delays.
Following are a few certified project management courses you can opt for to enhance your career:
Product Management
The Product Management programme at IIM Kozhikode will prepare individuals to play a key role in your company’s product success, from prioritizing new features to creating fit-for-market products, shaping go-to-market strategies and launches, and addressing customer expectations.
Product Strategy For Business Success
IIM Kozhikode has launched a Certificate Programme in Product Strategy for Business Success to assist businesses in developing great products that generate value throughout their life cycle. The programme is intended to provide you with a thorough understanding of a product’s life cycle. It will assist you in developing comprehensive product strategy skills, as well as a thorough understanding of product positioning and branding, marketing communication, and logistics, in order to successfully execute product strategy.
Advanced Product Management
Enroll in XLRI VIL’s Executive Development Programme in Advanced Product Management to begin your journey toward a career in product management. This curriculum will teach you about product strategy, ideation, creation, management, and growth throughout the product life cycle, as well as product marketing, branding, and sales. It will allow you to play a critical role in the development of new business models.
You now know the phases of a project life cycle and why is project management courses important in an organization. If you are interested in learning more about project management, these Emeritus project management courses will not only teach you everything about it but also help you excel at it.
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