Why is it best to have six or less life-cycle phases in an EPM System?
The project management life cycle consists of six phases: Intake, Initiation, Planning, Execution, Control, and Closure. It is always recommended not to skip any of the above steps if we are looking for successful completion of the project. For instance, if we jump from one phase to a different one without entirely planning the project, It will be too confused, and the project will fall apart. Going in detail of each phase:
Intake: In this phase first we develop Project Proposal about what will be created or what the overall goal of the project and submit it. Then the proposal will be reviewed by the appropriate bodies and then decide on it. The choice always varies, sometimes it will be approved or rejected, and at times the board may ask us to make some changes accordingly, and then the approved projects will be scheduled for next phase which is Initiation.
Initiation: In this phase first before investing too much time in a project, we must review to check whether the project will be able to compete with the available resources on time. Once we determine the plan is achievable, then a project manager and will be assigned to the project. Next, we gather the business requirements and perform the stakeholder analysis and develop a project charter.
Planning: In this, a detailed plan on how many people will be working on the project, a team will be assigned. We should create a complete schedule of the project and who will be allocated for each task is also planned. And all the milestones we need to meet, a budget of the project, communication process and even performing a risk assessment then finalizing the plan.
Execution: in this phase, an actual product is created. Here we should make sure the project is completed on time within the budget and made as per the requirements of the stakeholders. The stakeholders will review the outcome and then if any changes required are also done in this phase. And then all the issues will be tracked.
Control: The Project control happens close to the project execution. Project control involves monitoring the project for risks and keeping those risks at bay. It also includes maintaining changes in the project to a least. At times, during the control phase, project managers may find that a given risk or problem forces them to revisit phase II – planning.
Closure: In this phase, we prepare a closure report which contains all the details of every aspect and scope of each implementation and all that are all the strategies and lessons learned in the project, which helps other projects for reference