The five phases of project management, in accordance with the [[PMBOK]]. ## Initiation The conversion of ideas into goals. - Create a business case, covering feasibility (can we) and justification (should we) - Create a project charter, including high-level objectives - Identify project stakeholders ## Planning Converting the goals into a realistic and actionable plan, often consuming half the timeframe of the project; plan the work. - Identify project requirements and deliverables, including [[SMART]] goals (or other methods) as required. - Create a project plan, detailing scope, schedule, budget, resources, roles, activities, dependencies, materials, risk, quality, and communications - Develop a WBS and related cadences and ceremonies ## Execution Begin executing on the project plan; work the plan. - Allocate and continuously manage resources - Identify and course-correct for changes, deviations, and issues ## Monitoring Run simultaneously to execution, track adherence and trend to outcomes. - Track and act on [[Critical Success Factors|Critical Success Factors (CSFs)]], which are those qualitative conditions that can make or break (or otherwise help or hinder) the project's ability to reach a successful outcome - Track and act on [[Key Performance Indicators|Key Performance Indicators (KPIs)]], including [[Earned Value Management|Earned Value Management (EVM)]], which are quantitative measures on degrees of success, adherence, risk, and cost. ## Closure Official acknowledge the successful completion of the project and wind up of activities. - Lessons learned, future planning, and continuous improvement opportunities - Close contracts and engagements - Celebrate