When you manage a project, you need to look after several aspects such as goal determination, task delegation, formulation of strategies and execution. It is indeed a challenging job to get things done under an extensive workforce of employees, top management and workers of the firm. Thus, to simplify it, project management is divided into 5 stages. By following these stages, any business organisation can achieve positive results. Keep on reading to learn about these five stages of project management.

Stage 1: Initiation

Initiation is a stage where a vague idea is brought to life with crystal clear visions and objectives. It is the level that sets the base for the project that’s about to happen. The leaders define the idea more to draw a clear picture for the employees and workers of the firm. It is also a stage where a project charter is created in which all the goals and objectives of the firm are clearly laid out in an extensive manner.

Stage 2: Planning

In the previous stage, various aspects are considered to put the stage of planning in motion. In simple words, the objectives and goals are already decided in the first stage. The second stage is all about the “how” of it.

How are you going to achieve the set objectives and goals? This means that in this stage, the project managers figure out the most efficient methods to help climb the ladder of organisational goals. The planning process involves identifying available alternatives and selecting the best possible outcome.

Stage 3: Execution

Without setting things in motion, you can’t possibly attain the set goals. Stage 3 is all about taking action and getting things done. In this stage, the top management delegates tasks and responsibilities to the organisation’s workforce, such as employees and workers. They are the ones who get the wheels rolling, and by their hard work, they take the carriage to its decided destination. And that’s why the employees and workers are often considered the backbone of any firm.

Stage 4: Monitoring And Controlling

Now that things are in motion, you need to monitor everything to know whether things are going as planned or not. Oftentimes, a plan’s limitations arise once it’s already in motion. And by monitoring the activities of employees and business operations, managers can figure out the errors in their plans. Once they know where the fault resides, they can formulate immediate strategies to control them.

Stage 5: Closing

By thinking of closing, you might think that it’s probably the easiest stage of all. However, it’s not the case at all. During the closing stage, managers are required to complete the impending paperwork, make the final adjustments in the accounts, clear the receipts etc. There might be some contractual liabilities that are needed to be fulfilled as some contracts might be coming to an end. All such activities are taken care of by the project manager only.

Final Thoughts

It is not easy for a person who is not skilled to carry out all these stages. And that’s the reason why the owners of prestigious business organisations hire firms that manage their projects effectively and efficiently. So, if you are looking for the same, you can contact the project management consulting firms that can help you manage a project.