What are the five steps of the project management process?

What are the five steps of the project management process?

The project management process offers clear steps you can take to get projects done on time, within budget, with reduced risk, and with more predictable results. In order to begin with a concept and end with a successful product or service, it is critical to complete the following five steps for every project:

• Initiating. The initiating step involves formally recognizing that a new project exists. Generally, some project goals, objectives, and major milestones are also established during the initiation step. Typically, to summarize, Initiating the project is determining what the project should accomplish, defining the goal of the project, developing a project charter

·         Planning. The planning step consists of defining resources and developing a schedule and a budget in order to achieve project objectives. This step is generally the most detailed step of the project management process. When done correctly, it has the greatest impact on the success of the project. Since this step is so critical, a common project management phrase to remember is "plan the plan."
The following steps are the foundation of project planning and must be completed as part of the Planning Step of the project management process:

1. Write a scope statement
2. Clearly define all activities
3. Develop a schedule
4. Determine resource needs
5. Estimate the project's cost
6. Develop a budget
7. Create a project plan

There are several additional actions that must be performed as part of project planning:

1. Define the project's quality standards and develop a quality management plan.
2. Assign roles and responsibilities, which includes developing a staff management plan and acquiring staff for the project team.
3. Develop a communication system, which includes creating a communications management plan that will make sure information is distributed to the right people at the right times in an appropriate format.
4. Identify and evaluate the seriousness of potential project risks.
5. Develop responses to the potential risks, which includes compiling a risk management plan.
6. Decide which resources must be procured from outside the project's parent company, which includes developing a procurement management plan.
7. Determine which sources can provide the needed resources for a project, which includes defining resource requirements, such as what level of quality is expected for contracted work.

·         Executing. The executing step involves coordinating personnel and resources in order to achieve the project goal. A key phrase to help you remember this step is "work the plan."
The following steps are the foundation of project executing and must be completed as part of the Executing Step of the project management process:

1. Develop a project team
2. Distribute information
3. Solicit and select contractors
4. Complete activities
5. Measure the project's performance
6. Perform quality assurance activities

·         Controlling. The controlling step involves measuring progress toward project objectives and taking corrective action to bring the project back within the stated goals and objectives.
Controlling encompasses the following areas of a project:

1. Scope
2. Schedule
3. Cost
4. Quality
5. Risk
6. Performance reporting

• Closing. The closing step consists of gaining acceptance of the final product, bringing the project to an orderly conclusion, and reviewing lessons learned from the project.

A project's final report, or "project history," consists of the information recorded in performance, status, and close-out reports, as well as other project documents. A project's final report should include:

• What organizational structure was used for the project
• What project management techniques were used
• Who was involved in the project and in what capacity
• What went right and what went wrong during the project and why
• What corrective action was taken to bring errors back in line with project goals
• What activity completion processes were used

The information in the project's final report supplements a project's historical database, so the information can be used to help plan future projects.