Managing a project is methodical in every aspect. It is also very critical in any company because the failure to manage a project properly means that the business may incur financial loses, equipment misuse, product delay, additional third-party payments, more manpower expenses, and others. It is like the project manager choosing to buy website traffic and not knowing that the goal of traffic is to increase website visitors. As a project manager, you must understand the importance of planning prior to execution. And the first two phases of project management are project initiation and project planning.
What Do These Phases of Project Management Mean?
Two words that describe the first phase of project management is project and initiation. The term project refers to any set of tasks that a company must do and deliver in order to accomplish the overall goal of the company. If the business wants to increase revenue, the company may opt for new products, a decrease of manpower, or an increase in product quantity.
Initiation means that the project is just being born to its first days. The project manager presents the project to the company president or even the company owner depending on the size of the project and the company.
In project initiation, the project is being defined according to its limitations and breadth. This is discussed by the leaders of the team involved in the project. Before any planning or execution is done, project initiation is made first. A team of researchers will do their study and feasibility of the project to see if choosing to do this will help the company as a whole.
Once the project is discussed according to how broad it is and the feasibility of the project is now proven to the board of directors or the concerned team, you will then push for the planning of the project. The usual length of time when planning for a major project usually lasts four to six months. This is to make sure that everything within the project is covered and well accounted for. The plan should be specific, measurable, attainable, realistic, and timely.