Business & Finance Business Information

Program Management Life Cycle

    Initiation

    • In the Initiation phase, it is important to look at how realistic it is to complete this project. A feasibility study will examine the scope of the project, needs, justifications, costs, benefits, existing constraints and technology configurations, plus all the possible alternatives. Included in a charter is a description of the project, its goals, key personal as well as an initial budget and timeline. Most important, what is the business need for this project? Detailed business requirements are outlined in Business Cases.

    Contracts Management

    • To obtain a vendor, a request for offers is used to define the project, contract requirements, proposed deliverables, evaluation criteria and acceptance criteria. Often, documents developed in the Initiation phase are included as attachments to the request for offers. The negotiated terms and conditions are finalized in the winning contract.

    Planning

    • The project plan is a much more detailed discussion of all the topics included in the Initiation and Contracts Management phases, including description, organization, budget, timeline, deliverables, technical configurations and management methodologies. Also included in the project plan are the methods that will be used to control the project, including risk management, quality management, and communications management.

    Execution

    • In the execution phase, the planned work is implemented. Defined deliverables for requested work are received. It is important to keep track to ensure that the project is progressing as planned. Tracking documents for receipt of deliverables, scope, risk, issues and any outgo of payments are used. The execution phase includes an Implementation Plan for start-up.

    Closure

    • This phase ensures that the project is complete and delivered as expected. Deliverables are refined based on the acceptance criteria until they are agreed upon. Sign-off is followed by the final payment of vendors, if vendors are used. When the project is complete, a review is done and lessons learned documented before moving on to your next project.

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