Initiation – the project goal, need or problem is identified. The project manager is assigned to the project and the project charter is created.
Planning – the project manager and the project team work together to plan all of the needed steps to reach a successful project conclusion. The project planning processes are iterative in nature and it’s expected that planning will happen often throughout the project.
Execution – once the project plan has been created, the project team goes about executing the project plan to create the deliverables of the project. The project can shift to project planning as needed throughout project execution.
Monitoring and controlling – as the project is being executed by the project team, the project manager monitors and controls the work for time, cost, scope, quality, risk, and other factors of the project. Monitoring and controlling is also an ongoing process to ensure that the project addresses its targets for each project objective.
Closing – at the end of each phase and at the end of the entire project, project closure happens to ensure that all of the work has been completed, is approved, and ultimately transferred ownership from the project team to operations.
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