By using a project methodology as a guide for your next business venture, you have set the parameters of your project and all of the tasks that need to be completed. The path you take is then decided by the methodology you have decided to follow.
One project methodology that is commonly followed is the lifecycle methodology. This approach to a project breaks it down into 4 distinctive phases. Each one is fully explained so all of the activities involved can be completed correctly so no bottle necks from the methodology will occur.
The initiation phase of the lifecycle project methodology is very critical. This is where the foundation for the project is developed. The scope and goals of the project are first approved in this phase. Once this is done the next activity is the feasibility study. This is the key component to the project in which it is determined with real world results if the business venture can be profitable. Without a profit to be made, there is no reason to proceed with the project.
The planning phase of the project methodology is the second phase of the lifecycle methodology. This is where the project is properly documented. Since the introduction of the digital age, this phase has incorporated the project management templates as a tool to expedite this work. This allows for each of the nine processes to be prepared faster and with greater detail than ever before. It also brings a consistency to the paper trail for easier understand of each document.
The execution phase of the lifecycle project methodology has its own set of project management tools. This assists the project manager by collecting the data from the project during its construction and organizing this data into an understandable format. There are also monitoring programs that keep the manager updated on the progress of each component. This makes it possible for the correct allocation of resources to the areas they are most needed.
The last phase of the lifecycle project methodology is the conclusion. This is the wrapping up of the loose ends and the creation of the final reports that are due. This is made easier since all the data has already been collected in one system.