Answer:
All steps of project management until the closure of the project are very critical and important for the success of the project.
Explanation:
The steps that are very critical and important for the success of the project.
Initiation:
This is a very beginning step of any project in the project management practices. In this step, mainly, project feasibility is carried out and drafted. at this step, management takes decisions that this project would be profitable or not for the organization. If proper measure and future prediction do not measure properly then this stage would affect the project success criteria. Because, if the base of any project is built on the wrong steps and measures, will lead to failure. At this stage, management takes the decision based on a feasibility document and business case document to ensure if it feasible or profitable to the organization.
Planning:
This is a very crucial step of project planning, and mistakes in this stage will lead the project toward failure. after receiving the green signal at the initiation stage, the proper project plan is carried out in a documented form. This project plan will guide the project manager and all stakeholders of the project in making the project successful. So, a well-written project plan is very critical and important for project success than any other phase of project management. Because the project plan gives the direction to the team to carried out the project execution process smoothly, it helps in handling risk and mitigation strategies to solve the risk, finance management, task management and in achieving timely deliverables.
Execution:
The planning phase and execution phase are most commonly associated with project management. This phase of project management is all about building deliverables and ensure timely delivery to customers for their satisfaction. Team leader and/or project manager make this happen by allocating the required resources to develop the deliverables and keeping team members focus on their assigned tasks. This phase relies on the project planning phase.
Monitoring and Controlling:
Monitoring and controlling are sometimes combined with the execution phase of the project because they often occur at the same time and carried out parallel to each other. At this stage, team performance, progress, and other project-related matrices are carried out to track their own progress. In this stage, key performance indicators are calculated, track variation from allocated resources such as cost and time, etc. This stage is important for project success, because if you don't deliver the quality and timely work then you may linger the project that directly affects the project cost and time.
Closure:
The team closes the project as they finished the project and customers/stakeholders approve the project output i.e product and then release the resources. This step is not crucial for project success as other all of the previous stages. but at this stage, effective communication, document finalization, and lesson learned document are required.
