Project management methodologies act as an aid to the project managers in controlling and directing a project towards the specified goal.
Since the entire process of directing and controlling a project can be hectic, it has been broken down into 5 simple phases, which are also known as process groups. This helps in structuring the efforts and simplifying them into a series of logical and manageable steps.
These groups are:
Here goes the detailed explanation for each of them:
- Initiating: It’s the first and most vital step in the life-cycle of your project. In this process group, the initial scope of the project gets defined, as well as resources are committed.
- Planning: In this process group, an appropriate level of detail is planned for the project. It’s done to plan time, cost, and resources. It helps you to estimate the work needed and manage risk effectively during the execution of a project.
- Executing: This process group consists of the processes which are used to complete the work defined in the project management plan.
- Monitoring and Controlling: This process group involves tracking, reviewing, and regulating the performance of the project. In order to deliver a successful project, it is essential to keep track of various baselines like time, cost, etc.
- Closing: This process group is an important part of project management, performed to finalize all project activities to complete the project.
To dive a little deeper into project management and find out the various knowledge areas here you go https://www.edureka.co/blog/project-management/
Hope this will help you.