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The Project Management Life Cycle: A Complete Step-By-Step Methodology for Initiating, Planning, Executing & Closing a Project Successfully

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Over the past 20 years, businesses around the world have undergone rapid change. No longer are customers happy with their ‘status quo’ products or services: they expect businesses to adapt rapidly to the changing environment by providing more offerings, cheaper and faster than before. This rate of change has forced businesses to transform their operational processes into project-based initiatives. This transformation has not been without its risks, as a large percentage of projects (estimated by the Standish Group as more than 70 per cent) fail to deliver on time, on budget and to the level of quality expected.

Why such a large percentage of projects fail to deliver

Typical causes include poor project sponsorship, undefined requirements and miscommunication. However the number one cause of project failure is the lack of adoption of a formal project methodology. Without adopting a clear methodology or framework for delivery, most project teams start building deliverables before their scope and objectives are clearly thought through. They have no structured processes for undertaking project tasks, and so they fail to effectively manage time, cost, quality, risks, issues and changes within the project. It is inevitable that such projects suffer from scope creep, milestone delays, poor deliverable quality and a lack of customer satisfaction. The answer is simple: use a repeatable project methodology with structured project processes for initiating, planning, executing and closing projects effectively.
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