Answer to Question #100762 in Management for Roshanthi

Question

Briefly describe the key stages of project management.

Answer 1

A typical project is managed through five sequential and vital steps. They include project inception, project planning, project implementation, project monitoring and evaluation, and project closure. In the inception stage, the project manager measures the value and feasibility of the project to decide whether to pursue or not to pursue the project. In the next stage, planning is done to establish a guideline for the team based on time, finances and other relevant resources to drive the project to its success. The subsequent step involves implementation or building of deliverables to ensure that the customers or related stakeholders get ultimate satisfaction. Upon implementation, the team has to monitor their progress by establishing their performance indicators as well as establishing any deviations for the plans. Finally, the team closes the project after the monitoring and evaluation step produces results that indicate that all the projected outcomes have been delivered to the customers or stakeholders.