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Planning and design follows the initiation stage, bringing the project under the microscope to assess the smaller details.
Planning predicts the time investment, costs, and specific resources required.
The simplest stage in theory, and perhaps the most complicated in practice, is the execution stage.
This requires integrating all of the identified inputs from the planning-and-design phase to construct the actual end product or service.
Initiation: The initiation stage includes generating the idea, assessing the feasibility and profitability of the project, conceptualizing the operational benefits and the bottom line, and getting approval and resources.
This stage should determine the scope of the operation.
Planning and design: Planning and design brings the project under the microscope by assessing the smaller details.
This stage includes predicting the time investment, costs, specific resources required, and the necessary inputs to achieve the outputs forecasted in the initiation stage.
This stage is the most strategic in nature, mapping out the business processes in sufficient detail to effectively accomplish the required objectives.
Executing: The simplest stage in theory, and perhaps the most complicated in practice, is the execution stage.
It involves the integration of all inputs identified in the planning-and-design stage to construct the actual end product or service.
This integration should be in line with the framework established in the first two stages.
Monitoring and controlling: This can be thought of as the perfecting stage, in which analyzing the efficiency and quality of the project cycle from a strategic perspective allows for the optimization of operational processes.
Monitoring the operation for ways to increase value can redirect the strategic-planning cycle back to the planning-and-design stage.
This stage allows the process to run internally in a cyclical fashion, constantly adding improvements to capture more value.
Closing: The project-management cycle ends with the determination that the project no longer captures value and should be harvested or divested.
This stage is the other possible result from the monitoring and controlling phase—that is, instead of being redirected back to the planning-and-design phase, the assessment shows that value is now being lost and it is no longer profitable to continue the process.
Therefore, the project cycle is closed.
This step-by-step process highlights each feasible stage in the project-management cycle.
By appropriately incorporating each stage of the model into the planning process, managers can effectively forecast the deliverable, and they can avoiding losing value by accurately assessing the margins that will be produced in a given strategic initiative.
This allows for informed and knowledgeable decisions to be made at each relevant point in the operation.
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