[1] Project Life Cycle, Types of Project Management and 10 Knowledge Areas

Project Life Cycle

A structured framework that guides a project from its initial idea to its final completion through five distinct phases

Initiation

Define the project goal, assess if it is feasible, and create a Project Charter to get official approval

Planning

Build a detailed roadmap that outlines the scope, budget, schedule, team roles, and risk management plan

Execution

Assign tasks, manage the team, and build the actual deliverables according to the plan. [1, 2, 3]

Monitoring and Controlling

Track ongoing progress, measure performance against your goals, and fix any issues or budget changes in real time

Closure

Hand over the final results, release team resources, close out contracts, and record lessons learned

 Project Management

Is a multidisciplinary process involving planning, organization, coordination, time, budget, and resources to achieve a project's specific objectives. It aims to deliver a cost-effective, quality project that meets the required standards, timeframe, and client requirements

Traditional (Waterfall)

A sequential, step-by-step process where each phase must be completed before moving to the next

Agile

A flexible approach that adapts methods and processes based on project needs.

Scrum

An Agile method using short work cycles, clear goals, and frequent feedback for quick adaptation

Lean

Focuses on maximizing efficiency by reducing waste in time, materials, and costs.

Kanban

Uses a visual workflow to improve transparency, organization, and productivity

Hybrid

Combines traditional and modern project management methods to improve efficiency and flexibility

Project Integration Management

Integrates all project elements into a cohesive whole. All kinds of processes and tasks that provide definite goals and deliverables. This comprises coordinating tasks, resources, stakeholders, and other project components; resolving disputes across project sections; weighing conflicting demands; and assessing resources. Project managers are to track every aspect of the project.

Seven processes of project integration management

• Develop the project charter.

• Develop the project management plan.

• Direct and manage project work

• Manage project knowledge.

• Monitor and control project work

• Perform integrated change control.

• Complete the project (or project phase).

Project Charter

Formally authorizes the project.

Official document that authorizes a project and gives the project manager the authority to use company resources

Project Management Plan

Comprehensive guide detailing how the project will be executed, monitored, controlled, and closed

Project Scope Management

Defines and controls the project's boundaries by documenting its goals, tasks, deliverables, deadlines, budget, and required work. It establishes what is necessary to achieve the objectives while providing a basis for managing changes throughout the project.

Defined by 

• project objectives

• project deliverables

• exclusions

• project constraints and

• project assumptions.

Work breakdown structure

(WBS) - by separating deliverables and project activities into smaller, more manageable components.

Collect Requirements

Gather stakeholder needs and project specifications.

Define Scope

Create a clear project scope statement outlining the project's boundaries, deliverables, and constraints.

Validate the scope

Formally accepting completed project deliverables.

Control Scope

Tracking project progress and managing modifications to the scope baseline

Project Schedule Management (formerly Time)

Establishes a specific timeline for project activities and deliverables, including start and completion dates, duration, and resource allocation. It ensures work is planned efficiently and completed within the required timeframe.

Six Processes of Time Management

• Plan schedule management.

• Define the project activities.

• Sequence activities.

• Estimate resources.

• Estimate durations.

• Develop the project timetable.

Project Cost Management

Involves estimating, planning, monitoring, and controlling project expenditures from the planning stage through project completion. It ensures the project remains within the established budget.

Key Aspects and Processes

• Planning and Estimation - Identifying the necessary resources, including labor, materials, and equipment, and estimating the associated costs to develop a comprehensive, realistic budget.

• Budgeting - Allocating estimated costs to specific project activities establishes a cost baseline for performance monitoring.

• Cost Control - Monitoring project status to update the budget and manage changes to the cost baseline to prevent overruns.

• Forecasting - Using techniques to predict future project costs based on performance to date.

Project Quality Management

Establishes quality standards and ensures project deliverables meet client and stakeholder expectations through quality planning, assurance, and control.

Processes

• Quality Management Planning - outlines the quality standards, measurements, and processes required to ensure the project meets stakeholder expectations.

• Perform Quality Assurance - evaluates and improves project procedures to ensure quality requirements are consistently met.

• Control Quality - Prior to acceptance, deliverables are monitored and inspected to ensure they meet the stated quality criteria.

Key Elements 

• Customer Satisfaction

• Prevention over Inspection

• Continuous improvement

Cost of Quality Analysis

Identifies and evaluates the costs associated with defect prevention, detection, and correction to optimize overall project quality expenses.

Lean Methodology

Improves quality by minimizing waste and maximizing value through efficient process design

Project Quality Initiation

Includes identifying the project, obtaining authorization, assigning a project manager and core team, and assessing potential risks.

Project Quality Planning

Focuses on informing stakeholders, soliciting feedback, conducting market research, defining customer needs, establishing quality standards, and identifying suppliers.

Project quality assurance

ocuses on process improvement through stakeholder engagement, defect analysis, root cause identification, and quality audits.

Project quality control

Includes testing outputs, resolving issues, and assessing client satisfaction

Project Quality Closure

Delivering the finished project, obtaining customer acceptance, providing support and training, assessing overall performance, and honoring the project team members

Project Resource Management

Involves planning, assigning, and controlling human, financial, and physical resources to ensure the right resources are available and properly used at the right time. It helps prevent delays, reduce costs, and maximize project efficiency.

Resource in Project Management

• Human

• Financial

• Time and Capacity

• Tools and Technology

Project Communications Management

Ensure information about the project is widely available to those involved to facilitate proper communication. Effective project communication management is vital to success, as it ensures all stakeholders are up to date on the project's progress, issues, and changes. This continuous flow of information is essential for promoting sound decision-making and fostering strong collaboration.

Key Processes

• Plan Communications - Define stakeholder needs, information requirements, methods, and timing.

• Manage Communications - Create and distribute project information (updates, status, issues) using chosen channels.

• Monitor Communications - Track effectiveness, address issues, and improve communication flows.

Key Activities

• Stakeholder Identification - information

• Content Definition - What needs to be communicated (scope, budget, schedule, risks)

• Channel Selection - Emails, meetings, dashboards, reports (Gantt charts, S-curves).

• Feedback Loops - Creating ways for stakeholders to respond and ask questions.

Project Risk Management

Identifying, analyzing, and addressing potential risks early to prevent delays, accidents, and other issues that may affect the project. It should be integrated into planning to develop strategies that keep the project on track and achieve its objectives.

Project Procurement Management

Planning, purchasing, and managing the acquisition of products, services, or results from external suppliers. It ensures the necessary resources are obtained to successfully complete the project.

Benefits

• Cost Efficiency

• Risk Mitigation

• Resource Flexibility

Request for Proposal (RFP)

This document invites potential vendors to submit proposals detailing their approaches, methodologies, and cost estimates for an ill-defined problem.

Request for Quotation (RFQ)

This document is a formal request for pricing information from suppliers for standardized products, including specifications and quantities to obtain competitive quotes

Statement of Work (SOW)

This document outlines the tasks, deliverables, and performance expectations a vendor must meet during the project. It serves as a contractual agreement to clarify the scope of work and ensure mutual understanding of project requirements.

Procurement Management Plan

This document outlines the approach to managing vendor relationships in procurement, covering selection criteria, relationship management, communication strategies, and performance monitoring to align activities with organizational goals.

Project Stakeholder Management

Identifies stakeholders and manages their interests, expectations, engagement, and influence throughout the project to support its objectives. It involves identifying, analyzing, planning engagement, managing expectations, and monitoring stakeholders throughout the project lifecycle.

Power/Interest Grid

Identify stakeholders by their influence and interest to manage them effectively

Communication

Maintain open communication tailored to each stakeholder.

Conflict Resolution

Address concerns early to minimize disruption and maintain support.

PERT (Program Evaluation and Review Technique)

A statistical project management method that uses three time estimates per task to account for uncertainty and determine realistic project timelines. It organizes, integrates, and schedules project activities by identifying major events and their proper sequence.

Critical Path

Longest chain of dependent tasks that determines the minimum time required to complete the project. Any delays in these activities directly affect the project's overall timeframe.

Critical Path Method (CPM)

A project scheduling technique that determines the shortest project duration by identifying the longest sequence of dependent activities (critical path). It identifies task dependencies and float/slack, helping manage schedules and allocate resources effectively.