A project management cycle has four stages. These are initiation, planning, execution and control, and closure. Each stage has various tasks that a project manager must complete before moving to the next phase.
In the initiation stage, the project owner develops a business case, carries out a feasibility study and establishes the project charter. The owner then appoints a project team and provides the team members with an overview of the project as well as the strategy to achieve the desired results.
The planning stage involves a detailed breakdown and assignment of each task of the project to the team. It also includes a risk assessment and definition of the criteria required for successful completion of each task. During this stage, the project leader contracts suppliers through definition of the tender process, issuing a request for proposals and creation of supplier contract documents.
The third stage of the cycle involves execution and control of all project activities. This stage entails implementation of the planned solution to solve the problem specified in the project requirements. The project team builds deliverables and performs time, cost, quality and risk management.
In the closure stage, the team finalizes all activities to ensure proper conclusion. The project lead then writes a formal project review report and project closure notification and submits together with the final product to the owner.