The Project Management Life Cycle

A Complete Step-by-Step Methodology for

Initiating, Planning, Executing and Closing a Project Successfully
Welcome to the Project Management Life Cycle

We have provided this unique CD to help you gain an appreciation of the phases, activities and tasks
included within The Project Management Life Cycle. This CD and book reveal the Method123 Project
Management Methodology (MPMM) which is used by more than 45,000 people around the world.

To purchase MPMM and the complete set of project management templates upon which this book is
based, please visit www.Method123.com. There you will find all of the software, reports, checklists,
forms, templates and case studies required to manage projects successfully.

Whether youre a project manager, business owner, team member, consultant, lecturer or student, you
will greatly enhance your chances of success by adopting MPMM for your projects.

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support@method123.com.



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Chapter 4

Project Execution
What is project execution?

- it is the third phase in the project life
cycle;
- it involves creating project deliverables
- within this phase the deliverables are
built and signed off by the customer.
The project manager monitors and
controls the project by executing a suite
of management processes.

Which activities are undertaken?

The following diagram depicts the
activities involved in executing a project:




Step 1: Build deliverables

A deliverable is:

A quantifiable outcome of a project which results
in the partial or full achievement of the project
objectives.

To build project deliverables, you need to:

- delegate the building of deliverables to project staff;
- physically construct each project deliverable;
- measure the deliverables against the quality targets set;
- request acceptance of deliverables by the customer.







Build
Deliverables
Step 2: Monitor and control

During the execution of the project, you need to monitor
and control the project delivery by performing:

- time management;
- cost management;
- quality management;
- change management;
- risk management;
- issue management;
- procurement management;
- acceptance management;
- communications management.





Monitor &
Control
Perform time management

Time management is:

The process of recording and
quantifying time spent completing
tasks on a project.

Time management involves:

- completing and approving timesheets;
- recording time spent, within a timesheet
register and project plan;
- identifying and resolving exceptions.







Perform cost management

Cost management is:

The process by which costs (ie
expenses) incurred on a project are
identified, approved and paid.

Cost management involves:

- completing and approving expense forms;
- recording expenditure, within an
expense register and project plan;
- resolving expense issues.






Perform quality management

Quality management is:

The process by which the
quality of the deliverables
and management processes
is assured and controlled.

Quality management involves:

- setting quality targets;
- measuring deliverable quality;
- performing quality assurance;
- performing quality control;
- resolving quality issues.





Perform change management

Change management is:

The process by which changes to
the project scope, deliverables,
timescales or resources are approved
and managed.

Change management involves:

- completing change requests;
- assessing change feasibility;
- approving change requests;
- scheduling change requests;
- implementing change requests.





Perform risk management

Risk management is:

The process of identifying, quantifying
and mitigating risks throughout a
project.

Risk management involves:

- identifying project risks;
- completing risk forms;
- reviewing and assessing risks;
- implementing risk mitigation actions;
- constantly reviewing the risk status.






Perform issue management

Issue management is:

The process by which issues are
formally identified, reviewed and
resolved.

Issue management involves:

- identifying project issues;
- completing issue forms;
- reviewing and assessing issues;
- implementing issue resolution actions;
- constantly reviewing the issue status






Perform procurement management

Procurement management is:

The process of
procuring products
from external
suppliers.

Procurement management
involves:

- issuing purchase orders;
- fulfilling purchase orders;
- managing supplier contracts.






Perform acceptance management

Acceptance management is:

The process by which project
deliverables are reviewed and
accepted by the customer.

Acceptance management involves:

- identifying the completion of deliverables;
- requesting customer acceptance tests;
- completing acceptance tests;
- accepting final deliverables.







Perform communications management

Communications management is:

The process of keeping stakeholders
informed of the progress of the project.

Communications management involves:

- identifying communication required;
- creating communications messages;
- dispatching communications messages;
- reviewing communication effectiveness.







Step 3: Perform a stage gate

A stage gate is:

A checkpoint at the end of the project phase to ensure
that the project has achieved its stated objectives and
deliverables.

To perform a stage gate, you need to:

- identify the stage-gate review criteria;
- undertake the stage-gate review;
- complete the stage-gate review form;
- seek approval to proceed.






Perform
Stage-Gate