Question

Most companies with well-developed project management systems insist that a project must pass an approval of some kind to move from one life cycle stage to the next. Group of answer choices True False

Answer 1

True

What is project management life cycle?

A project is guided through the project management lifecycle, which is a step-by-step structure of best practices. It offers project managers a methodical way to plan, carry out, and complete a project.

The four phases of this project management process are initiating, planning, executing, and closing. A project team boosts its chances of success by following each stage.

Initiation:

You will establish the project during the initiation phase. You will determine the project's objectives, scope, available resources, and team member roles. The project and team will have clear direction if stakeholders' expectations are made explicit, along with the specific goals of the project and their justifications.

Planning:

You'll decide the steps to really accomplish the project goals during the planning phase. You'll set up spending limits, deadlines, and checkpoints, as well as the sources and required paperwork. This step also entails estimating and forecasting risk, implementing change management procedures, and laying out communication guidelines. Choosing what to do with your troops is the planning phase's equivalent of gathering your forces during the initiation phase.

Execution:

A project's execution entails carrying out your plan and directing the crew. For the most part, this entails monitoring and measuring progress, maintaining quality, reducing risk, managing the budget, and using data to guide your decisions.

Closing:

You'll wrap up project activities during the closing phase of the project management lifecycle, hand the final good or service on to the new owners, and evaluate what went well and what didn't.

Learn more about project management life cycle here:

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