A Complete Enterprise Project Life Cycle: From Initiation to Closing

For any enterprise, it is very important to have proper management in the work. It is better if you are acquainted with this certification. The enterprise lifecycle depicts the phases of activity of a project from the initiation which is drafting to the wrapping up of the project. So it is very important for us to understand the whole stepwise cycle from beginning to closing. The whole of the cycle has 4 stages in which the whole project is divided. The steps are as follows:

INITIATION: 

The starting of any project often termed as conceptualization, authorization, identification, selection, project charter, business case, scheduling, and planning. This stage of any project is the step where the efficiency of the project is completed. Here the whole team assesses the actual work to be done and the minimum budget required along with the actual objective of the work. Once any project clears this stage then only it can be determined whether the project is passed or not. The problems related to refrains are also discussed in this part only.

Complete Enterprise Project Lifecycle guide: From Beginning to Closing - NetCom Learning

The phase consists of three main sections:

• The scope of the project: It tells us whether the project is attainable or not. Also the budget of the project where you can easily get the whole idea about the actual requirement of money.
• Project schedule: The project schedule is another step for the same in the process.
• Resource Planning: The whole list of available and required resources is made and then planned upon.

PLANNING:

The estimation and scheduling are a part of the planning of this planning. The project manager along with the team members plans the task and its proceedings further. The project is divided into fragments where every member is assigned a bit of the task.

The project lead looks after the whole situation.  The planning involves the estimation of budget, work distribution and making of timelines. The budget risk assessment, communications, and resource allocation are also done here. A few weeks to months can be taken in the planning phase depending upon the size and the functioning of the project.

MONITORING AND CONTROLLING OR EXECUTION:

The step is also known as an execution. Here we execute all that is planned. The deliverables are created here at this point. This is the longest time span of the project where the development and design work takes place. The stage also has many tests and reviews that run down during the execution.

A few project leaders believe that controlling must be a different stage where they look after the work of every individual and resolve the issue as and when required. The project lead here generally looks after the core team and tries to achieve the desired goal in time. The monitoring work is quite an essential part to deliver the results in time. There are two models namely 4 phase model and 5 phase model. The 4 phase model has no different controlling and monitoring stage whereas the five-phase model has a different stage.

CLOSURE:

Once the deliverables are complete and are ready to be delivered, they are checked for quality. The deliverables must meet the client’s criterion for acceptance. As the final and the closure stage arrives the members along with the project manager completes the documentation and the stakeholders are reported about the whole results. There are final meetings that are held at the office. The people are released of their duty and the resources are set free to be used further by other people. The work of release leads to the completion of the work of the team but the project manager still needs to complete a few tasks.

The project manager analyses the work of every member of the team so as to recognize the best employee. They also assess the remaining budget and take a call on that. The whole process is revised and analyzed and the mistakes are analyzed to avoid them in the future. The overall productivity is checked and reported. At last the project manager collects reviews from the client and thus makes feedback for further improvement. 

There are many people who believe that they are a good project manager but the certification in PMP®  makes you even better. You just need to clear the exam and brighten your career.

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