The Project Management Life Cycles

The Project Management Life Cycles
It doesn't matter what project you are preparing for, the project management life cycle can assist you and your team in narrowing the project's focus, keeping its objectives in order and finishing the project on time, on budget and with a minimum of headaches. The project management life cycle contains five steps: Initiation, Planning, Execution, Monitoring/Control and Closure. No one step is more important than the other and each step plays a crucial role in getting you started, through all the hurdles, down to the wire and across the closing line.
The five process groups are: Initiating, Planning, Executing, Monitoring & Controlling, and Closing. We'll start with Initiation;
Initiation:
In this first step you provide an overview of the project in addition to the strategy your planning on using in order to achieve the desired results. During the Initiation phase you’ll develop the Project Charter, Identify Stakeholders, appoint a project manager and based on his or her experience and skills, he/she will select the required team members. The processes performed to define a new project or a new phase of an existing project
Planning:
This second step is extremely important, it should include a detailed breakdown and assignment of each task of your project from beginning to end. The Planning Phase will also include a risk assessment, the scope of the project, refine the objectives and define the course of action required to attain the objectives of the project, in addition to defining the criteria needed for the successful completion of each task. In short, the working process is defined, stake holders are identified and reporting frequency and channels explained.
Execution:
Executing consists of the processes used to complete the work defined in the project plan to accomplish