Steps in Project Execution

Key Components of Project Execution

Example: Building a Software Application

1. Initiation

Define project objectives and scope.
Identify stakeholders and their expectations.
Develop a business case and attain project approval.

2. Planning

Prepare a detailed project plan, including tasks, time lines and resources.
Define roles and responsibilities.
Develop a risk management plan.
Set up communication channels.

3. Execution

Allocate tasks and responsibilities to team members.
Implement the project management plan.
Monitor and control project performance.
Manage changes and risks.

4. Monitoring and Controlling

Track progress of the plan.
Observe project risks and execute risk response plans.
As necessary, adjust the resources and activities.
Ensure quality standards are met.

5. Closing

Check that all project deliverables are finished.
Obtain customer or stakeholder acceptance.

Why do Companies Execute Projects?

In the project management life cycle, the execution of the plan is a critical phase. Achieving the project’s defined objectives within certain constraints (several sets, namely time and quality) as a result of the coordinated efforts in planning by an entire team to allocate resources according to work items. The key to delivering value for stakeholders and the successful completion of a project is effective execution.