Understanding the 5 Phases of Project Management Process and PMI Guidelines

Project management is a critical process that allows organizations to plan, execute, monitor, and close projects effectively. Following the structured project management phases laid out in guides like PMI's Project Management Body of Knowledge (PMBOK Guide) is key to project success. This article will provide an overview of the five high-level project management phases, questions project managers should ask during each phase, and how following PMI guidelines can set your projects up for success.

Reading this will help you understand:

• The core five phases every project goes through.

• Key questions and activities within each project phase.

• How PMI guides like PMBOK can improve project delivery.

• Why structured project management is critical for success.

What are the 5 main phases of project management?

Most project management experts reference the five phases popularized by the Project Management Institute (PMI) and documented in the Project Management Body of Knowledge (PMBOK Guide). These core high-level phases provide the framework for managing projects from start to finish:

1. Project Initiation

2. Project Planning

3. Project Execution

4. Project Monitoring and Controlling

5. Project Closure

Let's look at each project phase more closely.

What happens during Project Initiation?

The Initiation Phase is the formal start of a new project. Activities focus on defining key information to align stakeholders on the scope, objectives, delivery approach, roles, and other aspects of the project:

• Drafting the project charter: The project charter documents the business need, project goals, delivery timelines, risks, milestones, and more. It serves as the formal project announcement.

• Identifying stakeholders: Determining key parties involved in or impacted by the project like the project manager, sponsor, project team members, vendors, customers and end users.

• Defining requirements: Detailing what needs to be delivered for the project to achieve its goals. This may include features, functions, or service levels expected.

Aligning early on project details sets the stage for smooth planning and execution. It also allows the sponsor to make a sound decision on whether to fund the initiative.

What is included in Project Planning?

In-depth planning takes place in Phase 2 to map out how project goals will be met. The project manager leads key activities:

• Building project plan: Detailing the schedule, budget, resource needs, procurement plans, and other aspects to fulfill requirements.

• Creating process flows: Mapping out the workflow and steps team members will take to complete deliverables.

• Establishing communication: Defining what info will be shared with whom and when from progress reports to steering committee briefings.

• Identifying risks: Brainstorming threats that may hinder project delivery and outlining mitigation steps.

Thorough planning alignment ensures all parties understand their role and priorities before intensive execution activities commence.

What happens during Project Execution?

The execution phase launches the delivery of project outputs and outcomes. Key aspects include:

• Kicking off project work: Forming project teams, bringing on vendors, launching communications, and other groundwork to activate the project plan.

• Executing tasks: Team members perform development, process steps, recruitment, content creation and other activities to create deliverables.

• Managing procurement: Onboarding vendors, maintaining relationships, tracking contracts, and ensuring their output meets standards.

Careful orchestration keeps work aligned to the plan and timeline during this flurry of activity.

How is Project Monitoring and Controlling conducted?

The monitoring and controlling phase runs parallel to execution. The project manager leads routine checks to track progress and take corrective actions:

• Monitoring work: Gathering status reports, facilitating meetings, reviewing deliverables, and more to inspect progress.

• Tracking metrics: Documenting and analyzing metrics like budget burn rate, change requests, resource allocation, and requirements completion.

• Taking corrective action: Implementing changes like updating timelines, adding resources, modifying scope, or shuffling budget based on findings during monitoring.

Proactive oversight ensures the project stays aligned on outcomes as delivery moves forward.

What comprises Project Closure?

Closure activities formally wrap up the project and assess its overall success:

• Closing procurements: Finalizing payments, terminating contracts, releasing vendors, and closing out acquisitions related to the project. 

• Documenting outputs: Archiving project documents, reports, communications and other content needed for compliance or future reference.

• Conducting assessments: Facilitating lessons learned, gathering stakeholder feedback, and otherwise evaluating project outcomes compared to original goals.

Reflecting on wins and pain points improves delivery of future initiatives.

How can PMI guidance improve project success?

While variations of these five phases exist across industries, PMI’s frameworks remain the gold standard. They offer proven best practices project managers can tap into rather than reinventing the wheel. In particular:

• PMBOK Guide - Outlines processes, templates, and tips for navigating each project phase based on decades of research.

• PMP Certification - Requires deep PMBOK knowledge with a rigorous exam. Validates understands of structured project management. 

Tapping into established PMI frameworks like PMBOK and credential programs like PMP helps ensure you effectively manage stakeholder alignment, budget oversight, resource planning, procurement, and other project facets.

Conclusion: Why Phases Improve Project Delivery

By dividing effort into five distinct phases with clear objectives, project managers can simplify execution of even complex initiatives. They provide:

• Clarity on purpose of each stage 

• Alignment to proven PMI guidelines

• Ability to assess progress and performance

• Early catch of risks and issues

• Flexibility to refine approach

Leveraging defined project management phases, robust PMI standards, and other best practices is key to repeated project success. Structuring delivery into these five stages helps organizations consistently meet stakeholder needs.