Four Essential Steps for a Successful Project

Four Essential Steps for a Successful Projectimage of business professionals

Have you ever been assigned to manage a project but you don’t know where to start? Most of us have managed a project in some capacity, even without any formal training. There are many processes, phases, and strategies used to manage successful projects. Below is the basic structure of managing a project broken into phases. If each phase is implemented, your project should be successful.

Initiation
It is up to the project manager to engage stake holders and members of the team throughout each phase of the project. It allows the project manager to determine everyone’s role and helps determine the needs and requirements of the project in measurable goals. Highly motivated teams combined with highly engaged stakeholders are more likely to achieve objectives within scope and budget and at a higher standard!

Planning

The planning phase is to plan time, cost, and resources adequately to estimate the work needed to complete the project and to effectively manage risk during project execution. As with the initiation phase, the failure to adequately plan greatly reduces the chances of the project to be successful in accomplishing its goals.

Execution

This phase is just as it sounds. Executing the project plan you developed in the previous two phases.  This important process involves coordinating people and available resources to ensure the project is flowing as intended. It is important to monitor and control the moving parts of the project which also includes outputs generated. It is typical, for instance in the construction industry, for the project scope to change if something in the execution phase does not go according to plan.

Closing

In this phase, you will want to record actuals verses the estimates. This will help you evaluate the project and look for the project victories and project improvements. Analyzing the information will help to The closing phase refers to delivering the project and any outputs to the client and receiving acceptance from the client. It is also important to officially close the project with stakeholders and team members of the project.future failures and maximize future successes in project management.

Evaluation

In this phase, you will want to record actuals versus the estimates. This will help you evaluate the project and look for the project victories and project improvements. Analyzing the information will help to minimize future failures and maximize future successes in project management.

If you are new to project management, or are an experienced project manager, these tips will help you to get a solid handle on the project at hand, and to be successful with any project you take on. The right mix of planning, executing, and monitoring can make the difference in completing a project on time, on budget, and with high quality results.

Want to learn more about project management? Visit the Project Management Certificate page for information on our project management certificate program.

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