product development phases

The Phases of a Project

• Project Initiation Phase- Problem identification phase

1. A project is formally started, named and defined at a broad level during this phase. 
2. Project sponsors and other important stakeholders due diligently decide whether or not to commit to a project. 
3. Depending on the nature of the project, feasibility studies are conducted. Or, as it may require, in an IT project – requirement gathering and analysis are performed in this phase. 
4. In the construction industry, a project charter is completed in this phase.
5. There are two key perspectives: an inductive one; and a deductive one.

Inductive Reasoning -

Inductive reasoning makes broad generalizations from specific observations. Basically, there is data, then conclusions are drawn from the data.

Deductive reasoning- 

Deductive reasoning, or deduction, starts out with a general statement, or hypothesis, and examines the possibilities to reach a specific, logical conclusion

• Project Planning Phase –

1. We have the solution to a problem. Now we need to Plan it.
2. A project management plan is developed comprehensively of individual plans for – cost, scope, duration, quality, communication, risk, and resources. 
3. Some of the important activities that mark this phase are -making WBS, development of schedule, milestone charts, GANTT charts, estimating and reserving resources, planning dates, and modes of communication with stakeholders based on milestones, deadlines, and important deliveries. 
4. A plan for managing identified and unidentified risks is determined as this may affect aspects of a project later on. Risk management planning includes risk identification and analysis, risk mitigation approaches, and risk response planning.

• Project Execution Phase – 

1. A project deliverable is developed and completed, adhering to a mapped-out plan. 
2. The Product Manager is involved to prioritize features, create product specs and see and use the product, to make sure it passes requirements. 
3. A lot of tasks during this phase capture project metrics through tasks like status meetings and project status updates, other status reports, human resource needs, and performance reports. 
4. An important phase as it will help you understand whether your project will be a success or failure.
5. One important consideration of the execution phase is to hold regular meetings at the beginning or the end of every day with the different teams.

• Project Monitoring and Control Phase –

1. This phase is mainly control by top-level management of the industry.
2. It is Occurring at the same time as the execution phase, this one mostly deals with measuring the project performance and progression in accordance with the project plan. Scope verification and control occur to check and monitor for scope creep, change control to track and manage changes to project requirement. 
3. Calculating key performance indicators for cost and time are done to measure the degree of variation if any, and in which case corrective measures are determined and suggested to keep a project on track. 
4. To prevent project failure, consider why projects are likely to fail and the ways to prevent failure.

• Project Closure Phase – 

1. In this phase, the project is formally Completed. 
2. It includes a series of important tasks such as delivering the product, relieving resources, reward, and recognition to the team members and formal termination of contractors in case they were employed on the project.