Project Management: Lifecycle, Methodologies, and Importance in Detail

This report provides a comprehensive overview of project management, starting with a definition and its broad application across various industries, including engineering and information technology. It delves into the core components of project management, emphasizing the roles and responsibilities of a project manager, such as defining objectives, establishing quality control, and overseeing the project lifecycle. The report details the five phases of the project development lifecycle: initiation, planning, execution, controlling and monitoring, and closure. It then explores various project management methodologies, including Waterfall, Agile, and Lean, highlighting their unique characteristics and applications. The report concludes by emphasizing the critical importance of project management, underscoring its role in providing direction, ensuring focus, enabling realistic planning, maintaining quality control, and managing project risks for successful project outcomes. The report uses various references from different authors to support the findings.

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student
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Author Note

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Discussions
Project Management
Project management includes organization and planning of assets of a company in order
to move a particular task towards it s completion. It can include one-time project or an active
that is ongoing, resources administered such as finances, personnel, intellectual property and
technology (Kerzner 2017).
The management of project is related with areas in engineering, healthcare and
information technology. It typically has a complicated sequence of components that have to
be finished and integrated in a way in order to develop a product. The manager of project has
a similar job in any industry (Meredith, Mantel Jr and Shafer 2017). The task of manager of
project is to assist define aims and objectives of a project and decide when the various
components of project are to be finished. They also develop checks of quality control in order
to make sure that components meet a certain standard. The project management includes
various steps such as planning, initiation, execution, administering and closure of a project.
There are different kinds of methodologies of project management such as waterfall, agile,
lean and several others. From beginning to completion, each project requires a plan that
outlines the way each of the tasks will be completed and the way the project will be
completed. Each project has a budget and a timeframe (Kerzner 2019). The management of
project keeps everything smooth and see that the things are completed on time and on budget.
The manager of project must ensure that the team members are working on the project in
order to finish the project on time. There are different kinds of management of project. The
various types of project management are as follows:
 Waterfall: this is a traditional method of management of project. The steps of this project
management are linear and the flow of progress is in one direction like a waterfall. Due to

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this, attention to the sequences of task and timelines are essential in this management of
project. In this management of project, the size of the project team will grow as the tasks
those are smaller are finished and larger task start.
 Agile: This methodology is utilised for the software development. The agile methodology
of project management utilises 12 core principles those are written in the agile manifesto.
The agile management of project is an iterative procedure those are focussed on
continuous administering and improvement of the deliverables. The deliverables those are
of high quality are a result of giving value to the customers, interactions of team and
adapting present business procedures
 Lean: The lean methodology of management of project is about avoiding waste of both
resources and time. The principles of lean methodology are devised from manufacturing
practices of Japan. The major idea behind this methodology is to develop more value for
the clients and the customers with less resource.
There are various methodologies of management of project other than one described. The
types of methodologies utilised depends on the favourite of manager of project or the project
whose project is managed. Therefore, a project management is essential for a project.
Project Development lifecycle
The project development lifecycle is a sequence of activities those are essential for
achieving objectives and targets of a project. Various projects have different dimensions and
level of difficulty (Lemke 2018). However, all the projects have the same development
lifecycle. This development lifecycle of management of project include:
 Phase of initiation
 Phase of planning
 Phase of execution

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 Phasing of controlling and monitoring
 Phase of closing
Initiation: This is the starting phase of a management of project and of the manager of
project, responsible for defining the project. This stage starts with a case of business, which
researches if the project can be done or not (Pell et al 2019). The stakeholders of the project
provide input and after that, if the project is approved then the charter of the project is
developed
Planning: this is the phase of the project where the roadmap of the project is developed. The
scope of the project is defined in this phase and a plan of project management is developed,
recognising the cost of the project, resources, quality and a timeline of the project (Garcia-
Dia, O’Flaherty and DiCarlo 2019). Some of the functionalities of the planning phase of the
project consist of statement of scope, milestone setting, communication, plans of
management of risk and the work breakdown structure of the project.
Execution: The phase of execution includes the activities those are defined in the plan of
project management. This procedure includes managing the expectation of the stakeholders,
coordinating with resources and people and performing activities associated to the
deliverables of project. During the phase of execution, the outputs may need re-base lining
and updates to requirements of project those are existing (Malik and Nigam 2017). Actions
those are taken in the phase of execution can influence the documents and plan of project
management. The various actions performed during the phase of execution include quality
assurance, acquiring the team of project, create and manage the team of project, manage
communication and manage the engagement of the stakeholders.
Controlling and monitoring: After the phase of execution, in order to check that the project
is on track, the controlling and monitoring phase becomes active. During this stage, different

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changes and reviews in order to upgrade the performance of project are done. The various
tasks those are performed in this phase include controlling and validating scope, controlling
the schedule and the cost of the project, controlling the quality of the project and the most
important is the risk management of the project (Wong, Yu and Too 2018).
Closure: The phase of closing is the procedure that executes a shutdown of a project that is
controlled at the ending of a project. The activities of closing a project include getting the
clients to accept the final deliverables if the project is an external project. This consists of
closing of administrative processes, upgrading the documents of project and archiving the
documents and the databases. The closure those are financial and the assets allocated to the
project should be given back. The output of the closure of project is that the deliverables will
be provided to the clients and the project manager will sign shutting of a project.
Importance of Project Management
Project management is essential for projects as it provides a project with direction.
With the assist of management of project, a project management can be successful (Shad et al
2019). The project management is important for project due to the following reasons:
Leadership: project management is essential as it brings direction and leadership in projects.
Without project management, the team will have no direction to work and it permits a team to
do their best work.
Focus and objectives: project management is essential, as it make sure that there is an
appropriate plan in order to perform the goals those are strategic.
Realistic planning of project: project management is essential; as it makes sure, appropriate
expectations are set around and the things that can be delivered. Without appropriate
management of project, the estimates of budget and the timelines of delivery can be easily set

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Control of quality: management of project is essential; as it makes sure that, the quality of the
project is consistent and good.
Risk management: The management of project is essential, as it makes sure that the risks of a
project are appropriately managed and resolved in order to avoid them from damaging the
project. The management of risk is very important to the success of the project.

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References
Garcia-Dia, M.J., O’Flaherty, D. and DiCarlo, L., 2019. Project Integration Management and
Systems Development Life Cycle: System Implementation. Project Management in Nursing
Informatics, p.301.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Kerzner, H., 2019. Using the project management maturity model: strategic planning for
project management. John Wiley & Sons.
Lemke, G., 2018. The Software Development Life Cycle and Its Application.
Malik, S. and Nigam, C., 2017. A comparative study of different types of models in software
development life cycle. Int Res J Eng Technol.
Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Pell, R., Wall, F., Yan, X., Li, J. and Zeng, X., 2019. Temporally explicit life cycle
assessment as an environmental performance decision making tool in rare earth project
development. Minerals Engineering, 135, pp.64-73.
Shad, F., Shah, F.A., Jan, S. and Ahmad, S., 2019. IMPORTANCE OF COMMUNICATION
IN PROJECT MANAGEMENT: A CASE STUDY OF COMMUNICATION & WORKS
DEPARTMENT PESHAWAR. Sarhad Journal of Management Sciences, 5(2), pp.267-280.
Wong, W.Y., Yu, S.W. and Too, C.W., 2018, December. A Systematic Approach to Software
Quality Assurance: The Relationship of Project Activities within Project Life Cycle and

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System Development Life Cycle. In 2018 IEEE Conference on Systems, Process and Control
(ICSPC) (pp. 123-128). IEEE.