The PCM is a set of systematic approaches to planning, designing, and implementing projects. It also provides an organised project management framework, which will cover every aspect of a project from inception to completion in a way that is efficient, effective, and profitable. PCM is found throughout the industry, from development through business and public administration, to provide guidance for projects through their life cycle.
How Project Cycle Management Works
The implementation of project cycle management involves the commencement of project activities from the stage of identification, with constant checking of stipulated objectives at each stage of the project and its operations, such as design, implementation, and evaluation. Knowledge of PCM implementation tools is important to ensure effective accomplishment, irrespective of the size of the project being dealt with. This then leads us to the central areas of project cycle management and the advantages that render its increasing popularity.
What are the Phases of Project Cycle?
Every phase has an explicit beginning and end, with a defined set of objectives and deliverables. Such oversight on the phase helps in targeting improvements within. Perfect your skills in our Project Management Professionalism Using Six Sigma course and set your project up for a greater chance of success. Here are the six stages of project cycle management:
1. Identification
The first phase of the project cycle management is the identification phase. Here, organisations identify and weigh alternatives for potential projects that fit in with their objectives and goals. Stakeholder involvement is crucial in order to understand the various requirements of the target audience and ensure that what is being proposed is indeed the issue that needs an address.
2. Formulation
Project formulation is in-depth planning after project identification that involves defining project goals, objectives, scope, and deliverables. During this phase, feasibility studies are carried out to assess the economic, technical, and social viability of the project. Besides establishing the project team, setting roles and responsibilities, and budgeting, this phase also provides for full-time project engagements.
3. Appraisal
The appraisal was taken as the phase for a comprehensive evaluation of its project plan developed in the preparation. Project manager stakeholders and specialists critically review the technical, financial, and social aspects of the project to determine its feasibility. It reviews a checkpoint to check if the project is complying with the overall organizational strategy.
4. Implementation
On receiving a project plan for execution, the implementation commences. That is the course along which the project plan is enacted. It takes place at the point where assignments are handed out to team members and the project is carefully monitored. Effective communication and coordination are extremely vital during the phase of the above barrier to manage problems arising, and the project stays on track.
5. Monitoring and Evaluation
Having just started the project, this now marks a critical time to start measurements. It will help assess the performances of the project in one of the project cycle management phases and carry out any adjustments that will assist in meeting its objectives. These include gathering and analyzing project data, evaluating project success and impact, tracking key performance indicators, and enhancing project contribution toward the beneficiaries.
Outcomes provide some hints about how the project is progressing and performing, and some adjustments may be implemented based on the evidence. This is where project management reports and dashboards come in, along with lessons learned documents and records for stakeholder comments.
6. Completion and Closure
Lastly, the project reaches a stage of completion and closure. Essentially it is a formal ending to the project aimed at smoothing the transition into another phase, which may be an independent or continuing operation.It allows project managers to confirm the delivery of project objectives and value. Should there be any lessons learned from the project, they can be documented during this time to enhance future projects.
Project outputs will be delivered and the performance of the project assessed against the objectives. Documentation during this phase in the project cycle management shall comprise the final evaluation report and the transfer and acceptance document.
What Are The Benefits of Using Project Cycle Management?
Many benefits of using project cycle management are the following:
Clarity and Measurable Goals: With a clear set of objectives and measurable goals, the project cycle ensures a convergence of views by various stakeholders and provides a strong foundation for ensuring that the project is in the right direction.Well Calculated Risks: Some risk, indeed, is expected to be calculated and actively managed at each stage of the project cycle so as to place the teams a step ahead of problems, hence weaving in preparedness and flexibility.Efficient Resource Management: A project cycle is tuned to manage the resources more efficiently, allocating strategically the human, financial, and material resources for optimized use.Enhanced Efficiency and Cost Savings: An orderly project cycle propagates efficiency, hence saving a lot in time and costs, as it identifies tasks and processes that can be crowbarred for efficiency.Increased Likelihood of Meeting Expectations: Careful planning acts as a tool for relating project objectives to stakeholder expectations, thus improving the chances of achieving outcomes with which all parties can identify.Why is Project Cycle Management Important?
Due to a dynamic business environment and an increasing level of complexity, projects are becoming harder to manage and, because of the lack of a PCM like methodology, are less likely to succeed; this results in poorly performing expectations, exhausted resources, and irritated stakeholders. Accordingly, the principles of project cycle management are at play in projects from small community efforts to multimillion dollar corporate disputes so that the project meets agreed time, budget, and significant lasting outcomes. Provide a platform for the British Academy for Training and Development to ensure that effective PM training can help you finish your projects successfully.
How does the project manager help with project cycle management?
The project manager performs the duty of keeping the project work on track and looking after the work of team members, tracking timelines, and ensuring that the actual work reflects the plan during this phase of the project management life cycle.
The implementation phase is the third phase in which project work is conducted and the project plan is implemented. During the implementation process, it is critical to maintain control and communicate as necessary.
Project cycle management is the science of applied and ever-evolving methods used to deliver quality project solutions in diversified industries and across international borders. When project managers choose to understand these processes in-depth, they render themselves better poised for a successful outcome and better empower their leadership position.
Take Your Career to New Heights
Project cycle management has proven to be a very successful and growing tool for project results across thousands of industries worldwide. And when such a professional opens his or her mind to learning the processes deeply, it generates better results towards leadership roles. Sign up for the British Academy for Training and Development today, and get ready to take your PMP certification exam. By employing such powerful techniques as PCM, your career can be elevated to another height altogether.