What Are the Five Stages of Project Management?

Answer 1

Project management is a broad area of practice that involves planning and executing different tasks to deliver successful projects on time and within budget. Most project processes include five stages: initializing, planning, executing, monitoring & controlling, and closing. In the initialization stage, a project team identifies what a project is about and creates various documents, such as the project charter and statement of work. During the planning phase, schedules are drafted, resources are allocated, and risks are addressed. The execution phase entails using your resources to make actual progress toward completing the project; this includes tracking performance indicators like hours worked or tasks completed. Monitoring and controlling is an ongoing process that involves tracking progress against plans. Lastly, in the closure stage, all relevant reports should be produced before transitioning to operations or handing them off to another group or department. These five stages provide structure to any well-managed project.