Project management may seem a mounting task. It is evident when we see the requirement such as flexibility, dynamic needs, ever-changing demands, plus if we consider time constrain, which there always is. Then, the mounting task seems impossible. However, there is no need to look at the top of the mountain just yet. With proper steps and segmentation of the project, even the most challenging task seems achievable. And not only that, as there are fewer variables to control, you have more control.

So before getting into the segmentation of the project, let's first go through the definition of project management.  

What is Project Management?

So, in simple terms, Project management uses specific knowledge, skills, tools, and techniques to deliver something of value to people.

‍

5 Phases of Project Management

1. Project Initiation or Conceptualization

2. Project Planning & Defining clear goals

3. Project Execution

4. Project Monitoring and Controlling

5. Project Closing
   

1st Phase of Project Management:

Project Initiation or Conceptualization

This is the project's initiation wherein you put your thoughts onto the paper. Here you aren't expected to know the whole roadmap but to understand the intention and final goal of the project. In this phase, you play with the variables such as project feasibility, its scalability if applicable, and the most important whether or not this project is possible considering the case scenario. So, this is where you bring in 4 or 7 P's. We know most of you would be thinking, What? How can someone mix up 4 P's of marketing with Project management? Believe us. We haven't mixed it up. We are just altering 4 P's or 7 P's to fit our requirements.

4 P's of Marketing or, in this case, 7 P's of Project Management is the best assessment tool, especially at this stage. Answering these questions will give you a more precise idea of your project and what it demands. So, let's get started with  

1. Product: Any project is expected to generate some outcome, and it is imperative to consider that end product. Because why have a project that can't deliver the end product? Considering this will force you to know more about the project and, more importantly, what is your superior or customer actually wants from you.

2. Price: After understanding the product next thing in line is to understand the economics. Being a project manager, you should realize your constraints in terms of monetary resources. Thinking of this at the very initial step is very important as it will not only stop you from going overboard, but it will help you track expenditures at the back of your mind.  

3. Place: Or San-Zu, from the art of war, would call Earth. Knowing where your project would be implemented or used would help you understand the fine-tunings required to do while executing your project. This includes languages like British or American English, or the proficiency of the language, etc. This was only the example of software; you can also consider the example of a machine that will run at different efficiencies in freezing Canada and sweating Africa. So, knowing about Place would keep those sudden surprises away from you.

4. Pacing: Yes, in 4 P's of Marketing, here comes the Promotion; however, in Project Management, Promotion seems entirely redundant. So here we are replacing it with the other important element, Pacing. So here we are, not only talking about the pace of the project but also keeping up to pace with all the stakeholders. This means all resources and stakeholders must be in sync with the project. Planning the pace also helps you avoid any unnecessary anxious moments that may occur due to differences in expectations between the stakeholders. These differences may arise due to the learning curve required by your team to understand the project or urgency of the project or client. Understanding the Pacing will help you cross all 5 phases smoothly and in a timely manner.

Product, Price, Place, Pacing concludes the "4 P's of Project Management". However, as a reward for your patience, we would be continuing with the rest of the 3 p's to finally make it "7 P's of Project Management".

5. Priorities: Setting priorities straight, especially in big projects, is crucial, with multiple segments and phases involving numerous team members. It's vital to ensure that the Priorities of every resource(employee) at each level are in sync with the project goals. It's usually the case when a project delivery will need division dependency and shared resources. In case of different priorities, it will impact the delivery of the project. So, keeping priorities straight and clear will help you avoid any unnecessary hiccups.

6. Predictability:  Great leaders can foresee the variables, and they do it by keeping the checkpoints. Have certain checkpoints and merge them with your plans to ensure you are running on the right track. Daily scrums at fixed times weekly demos on fixed days of a week can help your team members plan their daily work and be prepared for frequent scrums and demos.

7. People: An essential element of all 7, yet the most ignored one. There are many times we forget the importance of people. We forget that the ones who are executing your project are people. Those who are demanding the project are people, and those who will be using it are also, guess what, People. So as a manager, it becomes a prerequisite for you to keep it people-centric. Try to understand the person behind the client, teammates, and end-users. In short, try to incorporate emotional intelligence.  

2nd Phase of Project Planning:

Project Planning & Defining clear goals

This phase is perhaps one of the most prolonged processes. After going through 7 P's and everything, it is now time to actuate the knowledge into a workable and attainable plan. This phase almost guarantees successful project management and focuses on developing a roadmap that everyone will stick to. The primary task of this phase includes identifying technical requirements, creating a detailed schedule, merging your project with checkpoints.

Don't worry; similar to 7 P's, we are laying this step by step as well. The acronyms we follow here are S.M.A.R.T. and C.L.E.A.R. goals.

SMART Goals

S.M.A.R.T stands for Specific, Measurable, Attainable, Realistic, Timely.

‍

• Specific – To set specific goals, Take care of Wh words Such as who, what, where, when, which, and why.
• Measurable – Create multiple criteria or checkpoints that you can use to measure a goal's success and keep you on track.
• Attainable – Identify the most important goal and divide them into short-duration achievable goals.

• Realistic – Don't expect the goals to be achieved in a snap. Set realistic targets or checkpoints and try to achieve them one by one.
• Timely – Create a somewhat flexible timeframe to achieve the goal. (FYI, don't let your team know that your timelines are flexible, but a smart manager expects some hiccups and will be ready to deal with it)

‍

CLEAR Goals

CLEAR Stands for Collaborative, Limited, Emotional, Appreciable, Refinable.

• Collaborative – The employees should be encouraged to work together to attain a single goal.

• Limited – Goals should be limited in scope and executable in a specific time frame.
• Emotional – It's the job responsibility of a manager to set Goals that tap into employees' passion. It shouldn't be a company's goal anymore. All the co-workers should take their work as a personal goal. This is where the emotional intelligence we have talked about in People of 7 P's comes in.
• Appreciable – Break larger goals into smaller achievable tasks, and don't forget to appreciate your co-workers after they achieve their goals. Believe us, a pat on the back(appreciation) goes a long way than a slap on the wrist (Scolding).
• Refinable – As new situations arise, be flexible and redefine goals and checkpoints as needed.

3ed Phase of Project Management:

Project Execution

This phase is the real test of your managerial skills; it will test how efficiently you can execute lines on the papers.  

• Develop team as per project requirements.

• Arrange and Assign resources  
• Making sure everyone is aware of their tasks
• Manage procurement if needed
• Set up tracking systems and checkpoints
• Periodic status meetings

• Update project schedule
• Modify project plans as needed

You will be required to establish efficient workflows and monitor your team's progress. Also, things you have thought in Pacing of 7 P's will be executed here. For example, keeping all the stakeholders and resources in sync, making sure every team member is achieving their respective targets in time, Finding out the laps in collaboration and coordination, etc.  

4th Phase of Project Management:

Project monitoring and controlling

4th Phase runs parallel with the 3ed Phase. It makes sure you keep an eye on KPIs and track variables like capital expenditures, Performance tracking, and reassigning if necessary (Don't hesitate; it is quite possible you may have assigned a wrong task to a co-worker, identify and rectify quickly).  

5th Phase of Project Management:

Project Closure

Congrats on the successful completion of your project. You and your team have wonderfully. Recognize the ones who have done a phenomenal job. Sit back and take a breath of relief and content; you deserve it.

‍