There are 5 process groups of project management, including initiation, planning, execution, monitoring, and project closure.
These 5 (five) process groups concept was originally developed by Project Management Institute (PMI).
1. Project Initiation
This process group is the start of a project and begins with the development of a business case.
The Planning team discuss the feasibility and high-level requirements of the project. If the project is feasible, then there is a need to create a project charter or a project initiation document (PID) that outlines the project's purpose and requirements.
2. Project Planning
Planning is the most crucial process group of project management.
The goals, detail requirements, timeline and budget are developed in this process group. Some key project documents such as scope statement, work breakdown structure, milestones, detail timelines, communication plan, risk management plan, etc., are created during this process group.
3. Project Execution
This is the process group where the key project's deliverables are developed and completed.
This process group is typically the longest process group of the project lifecycle and usually the most demanding. Tasks such as team development, resource assignments. status reports, development progress report, project performance reports, etc., are completed during this process group.
4. Project Monitoring & Control
The project manager measures project progression and performance in the monitoring and control process group and ensure that actual project execution aligns with the project management plan.
Project Managers will use KPIs to determine if the project is on track.
5. Project Closure
This process group represents the completed project.
Once the project gets complete, PM performs a final project cost report and prepares a final detailed project report. PM stores all project documentation in a single place. PM also creates lessons learned document for future reference.
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