The Five Phases of the Project Lifecycle - Assignment Example

A project has to be approached in a systematic way that will ensure there is minimal time wasting and deviation from the main goals and objectives of the project from the time it was initiated. To do so, there are a number of approaches used that guide the progress of the project to completion. The most common used approach is the traditional phased approach that has five phases explaining the activities involved in each phase form the time an idea is conceived to the time the project is closed.

The five phases include initiation, planning/ design, execution, monitoring and closing of the project. Each step has its unique activities that make it possible for the project to be completed successfully. Initiation is the first phase of any project. This phase seeks to define the project or a new phase of an already existing project. It also involves the process of gaining authorization from the relevant authorities for the project to be commenced (Indelicato, 2013). To achieve the goals of this phase, there is need to first develop a project charter and then identify the stakeholders.

The project charter contains, project success criteria and objectives, constraints/assumptions, high level budget and schedule, the list of stakeholders, project justification or purpose and lastly assign a project manager. A well-developed project charter, will provide adequate information to the authorities and convince them to commit an organizations resources towards achieving the goals and objectives of the project. It gives them a knowhow on the amount of resources needed to complete the project, hence guiding the decision making of the authorities on whether the project is achievable or not.

At the same time, it provides one with its contribution to the organization in achieving its primary goals without violating their mission, vision, values and