Project cycle management is a methodology of organizing and planning projects with foundational principles and explicitly defined phases. It is something that starts with the project’s inception and continues throughout the planning process.
The cycle offers many benefits. You may notice
- Goals that are clear and specific, well-thought-out risks
- Resource Management
- More efficient operations and reduced costs
- Better chance of meeting expectations.
- The quicker projects are completed, the more likely they will be delivered on time.
In this article, you’ll learn about PCM and find out why it can help you fix and finish your projects faster with fewer problems.
How the Project Cycle Management Process Works
Using PCM strengthens the project life cycle by following a well-organized, proven-effective system. It is structured in phases that are laid out to be clear and precise, with objectives and expectations set while also encompassing universal practices. Each step of a project is completed before starting the next one, which helps produce better quality outcomes and comply with agreed expectations for a project.
As the project manager leads their team through each phase in a set of projects, they can move the starting point forward. When it comes to the end of a stage, they can start working on the next one so that everything will be completed promptly.
Projects utilize project management principles to succeed. The main idea is to prioritize the project structure, phase, goal, and transparency.
PCM streamlines the development process and helps developers get the desired quality on time.
Why Choose Project Cycle Management
Many professionals have felt overwhelmed with the size of a project, and it sometimes seems like an impossible task, especially if those projects have faced significant historical challenges. Many components can throw a wrench into things when dealing with a team, strict timeline, various partners, and multiple economic risks.
Project cycle management helps to ensure that projects are completed on time and within budget. It also reduces the risks of failed projects and provides more effective solutions.
Three main reasons why we use project cycle management.
- Simplicity
- Improved productivity
- Transparency
1. Simplicity
“Simplify, simplify, simplify.” – Henry David Thoreau
PCM simplifies the project by breaking the process into phases. It maximizes success for many projects. This clears up any confusion when all goes well and leads to final victory.
2. Improved Productivity
“Until we can manage time, we can manage nothing else.” – Peter Drucker
It doesn’t matter how much money you have; if your employees aren’t productive, the company will suffer. When we make productivity simpler for the project team and make it easier for them to do their job successfully, it positively impacts our team.
3. Transparency
“Transparency is the key ingredient for the successful running of any group” – Vijay Krishna.
Any project manager knows how hard it can be to communicate on time. The PCM uses specific methods to make every stage clear and state where the project is at. Leaders can always share with stakeholders, partners, and anyone interested in that project. Transparency in projects creates happy people and helps with the expectations of goals.
The 5 Phases of Project Cycle Management
The five stages in project cycle management ensure the successful completion of the entire project. The phases are organized and ensure everything is completed on time and without issues.
The phases of the project cycle are:
- Initiation
- Planning and design
- Execution
- Monitoring and controlling
- Closure
1. Initiation
Every project starts with a simple idea. The initiation phase would then help develop the project’s big picture, scope, and objective. Managers would review critical project controls needed and areas for improvement before the start of the project and develop an assessment of what it will take to complete the project.
2. Planning and Design
Proper planning is essential for ultimate results. Adequate preparation for obstacles and other vital factors can also develop with appropriate planning. PCM focuses on creating a solid game plan to minimize risks.
3. Execution
The execution of a project is the stage of its life cycle where the hard work is done. Here, a team works on its product to ensure it will live up to the requirements set out in earlier stages.
4. Monitoring and Controlling
Two different situations could happen, the best or the worst. A good plan helps managers to anticipate both of these. The monitoring and controlling phase is essential to the walkthrough process, which tracks progress. This phase ensures problems get solved quickly and helps ensure timeline goals are met successfully. Finding balance in this phase is critical since too much control can take up too much time, and too little power can also be dangerous.
5. Closure
When a project is finished, it can continue to drain resources and cause unexpected problems before the final project is closed. When the project is completed, an essential step in formal closure will be to assess how well the output satisfies the client.
Take Your Career to the Next Level
Project cycle management has proven to be an effective and growing method to produce successful results for projects around the world. When professionals learn about project cycle management in-depth, they can equip themselves with the tools they need for successful outputs and leadership roles. Global learning company, KnowledgeWoods, is a leading provider of digital economic training. We develop innovative and practical course material designed to meet the needs of today’s professionals. The PMP Certification Training Course gives you the skills and knowledge to succeed in project management, and PCM (Project Cycle Management) techniques can help elevate your career.