Question

Essay 300-500 Words - Describe and explain the five planning steps in project management as applied to writing a term paper for an operations management class.

Answer 1

The five phases of a project management life cycle include initiation, Planning, Execution, Control, and Closure. A good project management plan helps the project manager stick to the deadline and budget, and also provide for prioritization of the tasks. Initially, there can be tens or hundreds of tasks, all of which may require completion in the right time and in the right/correct sequence. That is why the project planning and implementation has to be categorized into different stages so that it becomes easier to handle the project. Such categorization also provides for proper structuring and simplification of the tasks, so that they form a series of manageable and logical steps. Below are the five steps of the project management process and a brief description of them.

Project Initiation

Initiation is the first step of the project management life cycle. The managers determine the feasibility and value of a project and its outcomes. The two common evaluation tools that are popularly used at this time include:

Business case Document- Apart from providing the financial benefits of the project, this document also justifies why the project may be necessary.

Feasibility study- A feasibility study typically evaluates the cost goals and timeline of a project and tries to know whether the project can be actually executed or not. The study may also balance the resources available with the requirements of the project, and help a manager find out whether it makes sense.

Un-feasible or unprofitable projects can be abandoned. On the other hand, projects that pass the above two criteria and evaluations may be undertaken.

Project Planning

After the project proposal gets a green light, a solid project plan is drafted/documented. This plan guides the execution and control of the project. The plan answers questions like:

Why- This question brings out the value proposition delivered by the project or the problem it addresses.

What- Determination the kind and amount of work that will be undertaken to accomplish the project successfully.

Who- The question helps managers determine the task members, controllers, and other personnel involved in the project, their responsibilities, and structure or organization of the team/hierarchy.

When- The question gives the deadlines or timelines including the meaningful points and milestones.

A project plan may typically cover a number of topics including scope, requirements, schedule, finances, quality, stakeholders, communication, risk and others. Project management planning may itself be divided into 5 steps.

a.Quick Mobilisation: The managers need to have the right templates, tools, and resources for fast and appropriate mobilization and deployment and men and raw materials. They should have strategically planned and placed inventory, and should not start from scratch when the time comes. The correct and optimal placement of personnel and resources will help in the achievement of deliverables in the deadline period.

b.Scheduling and Organisation: Project managers should also plan and schedule the work and tasks. These tasks are allocated to personnel in lieu of their experience, qualification, education, and expertise. The deliverables may be broken down into smaller milestones so that the task can be conveniently accomplished and there are lesser errors. Scheduling may also provide for better control and monitoring.

c.Creation of timelines: it is important for the project managers to accomplish the milestones and the project in the right time. A project that extends unnecessarily results in greater costs. A timeline will also specify the various steps that are necessary to accomplish a project and their sequence. Sticking to the timelines will ensure that task components are accomplished successfully within the deadline period.

d.Optimal Use of Resources-Project planning should stress on the optimal use of resources. For instance, careful planning of inventory is necessary. Resources should be acquired in the least of time and with the least of cost, and unnecessary stocking (or inventory holding) should be avoided. Likewise, personnel and human workforce should work on tasks in lieu of its expertise and capability. It is also important to reduce the wastages of both time and resources.

e.Using software- As of now, a number of project management software are available that can expedite the project management process, improve control, and provide for transparency and accountability. The new project-based ERP (enterprise resource planning software) can also be utilized, which have the features and practices of project management. Use of project management software also provides for the documentation, budgeting, resource allocation, scheduling, task management, and other benefits.

Managers may like to have SMART and CLEAR goals for their projects. The acronym SMART here stands for:

S- Specific

M-Measurable

A-Attainable

R-Realistic

T-Timely

The acronyms CLEAR provide for goals that are:

C-Collaborative

L-Limited (in scope and manageability)

E-Emotional (generate a passionate response from the workers)

A-Appreciable (provide for fragmentization of tasks)

R-Refinable (possess flexibility towards change and improvement)

Project Execution

Execution of a project is concerned with the building of deliverables that can satisfy the end customer. Resources should be promptly allocated and the team members should focus solely on their task. All the efforts and work done during project execution depends on the project plan.

Project Monitoring and Control

Execution may also be accompanied by project monitoring and control. During these processes, key performance indicators are calculated and the teams should be monitored for their performance. Constant vigilance provides for lesser errors and wastages and helps in the smooth running of a project process.

Project Closure

A project is supposed to be closed when all the deliverables have been provided to the client. At this time, the remaining resources are allocated to the other projects, and stakeholders are properly informed and communicated as well. Teams may document and evaluate their performance at this last stage of project management lifecycle, and learn from the errors.