Although instinct might encourage business professionals to dive right into projects, successful leaders understand that effective project cycles contain seven distinct phases. Few projects actually move through all seven phases in order. Some projects may require retooling that causes more time for preparation and presentation. Longer projects may necessitate alternating phases for implementation, monitoring, and evaluation. In all cases, however, project managers should prepare for the distinct needs of each project phase.
1. Identification
Most projects enter the first phase of the project cycle with little or no structure. Ideas that start in the back of the mind start to bubble up into potential projects. As creative professionals include colleagues, supervisors, or investors, projects become more formalized and start to follow the traditional phases of a project cycle.
On the other hand, regular project cycles, such as grant competitions and workplace initiatives, often operate from a top-down level. Project leaders usually issue a request for proposals or a call for submissions, in order to discover the most effective solution to a particular problem. In this kind of project, judges must sift through different ideas before settling on the team that will take a project through the project cycle’s six remaining stages.
2. Preparation
This phase of the project cycle requires leaders and managers to research both the needs and the impact of a project. The preparation phase often includes brainstorming sessions that result in “pie in the sky” estimates instead of true cost/benefit analysis. Effective preparation also includes laying the groundwork for the evaluation phase of the project cycle. Without agreeing on specific goals or outcomes, participants have no reliable way to measure the success of their project.
3. Appraisal
During the appraisal phase of a project cycle, project managers negotiate with stakeholders for resources while setting timelines. Depending on the scope of a project, leaders must determine whether hiring or outsourcing human resources will play a role during the implementation phase. Other resources, like technology and real estate, require budget estimates and impact statements during this phase. The appraisal phase of the project cycle ends once a clear plan with a timeline, budget, and expected outcome is ready for submission to decision makers.