TEST YOUR KNOWLEDGE: UNDERSTANDING THE PROJECT LIFE CYCLE

Failing to gather information from project team members to define what needs to be done at the start of the project can result in impact to the project’s timeline at a later stage. Explanation: If a project manager does not take the time to define the project’s goals and gain a clear understanding of what the stakeholders are asking for during the initiation phase, they risk impacting the project’s budget. Explanation: During the initiation phase, it’s important for the project manager to clearly define the project’s goals and gather information from team members about what will be involved in accomplishing those goals. Otherwise, they risk impacting the project’s quality.

Taking the necessary time to get input from all stakeholders and the project team is a key part of formulating an accurate proposal.

In the initiation phase, a project manager defines project goals and deliverables, identifies the budget, resources, and people they need, and confirms any other details that can impact the successful completion of the project. Explanation: In the planning phase, the project manager makes a plan for how to achieve the project goals. The plan should include a budget, a breakdown of all the project tasks, ways to communicate team roles and responsibilities, a schedule, and what to do in case their project encounters problems. Explanation: In the execution phase, the project team completes project tasks while the project manager monitors progress and keeps the team motivated. The project manager also removes any obstacles that come up in order to execute the tasks well and on time. Explanation: In the closing phase, the team celebrates all of their hard work and evaluates how the project went. It is also an opportunity to let everyone who had interest in the project’s goal know what the team accomplished.

When closing a project, the project manager lets everyone who had an interest in the project’s goal know what was achieved. Explanation: Closing a project allows the project manager to make note of what worked and what didn't so they can plan better for the next project. Explanation: Closing the project gives the team an opportunity to celebrate and be acknowledged for all of their hard work.