Project Management is a concept that encompasses four elements. They are the 4 P’s of Project Management. The level at which you understand these four principles and their position in the project lifecycle can have a great impact on the project’s success. As a Project Leader or Project Manager, you should understand these four principles. Apart from understanding yourself, you should ensure that your entire team understands them. In turn, it will play a big role in the elimination of potential bottlenecks. Also, understanding these principles will help meet your project objectives and goals.

Understand the Project Lifecycle

You will get confused about how the project lifecycle can be the same for all projects. The reason is that each project can be different from the others. Also, you will get this doubt because every organization will have its own working style. Yes, what you have thought is right. But, when you take the case of a typical project, it will go through a similar order of phases. These phases together are referred to as a project life cycle. It is the standard set of processes that you will have to follow to ensure the success of your project. In general, it is classified into four phases. They are concept, planning, execution and closing.

Concept:

When you take a typical project, it will begin with this phase. At this first phase, the concept of the project is defined. So, this phase is otherwise referred to as the initiation phase. It all begins with identifying the objective of the project. The objective that you identify can either be a problem or an opportunity to be addressed. The solution to this issue is a project with deliverables.

In this stage of the lifecycle, you should engage in a feasibility study for identifying whether the planned solution will meet the need. Even, it aids with identifying in advance which resources will be required and the information to be part of the business contract.

Once the top management approves your proposal, the project can be started by creating a team that will work on the deliverables. The overall scope of the work is outlined at this phase under the leadership of a Project Manager.

Planning:

The second step in the project lifecycle is the planning phase. In this phase, your team will frame the complete execution strategy for the project. It encompasses explaining every detail regarding deliverables, resources and processes. Even, it includes explaining deadlines, responsibilities and activities. It also include outlining the exact task and scope of the project.

In this phase, the Project Manager will create the estimation of costs involved and the overall project budget. Based on these two things, the other elements can be planned accordingly by the Project Manager. This is often referred to as management of scope. It is the phase where the precise planning of how the objectives of the project will be met. In this phase, linking each activity to the resource requirements should also happen.

Once the Project Manager creates a detailed schedule, it is time to identify potential bottlenecks and threats. This is what risk management is all about. In this phase, it also becomes important to develop strategies to bring down the risk of issues occurring. At least, you should plan measures for reducing the impact of issues. At this phase, you should create a detailed communication plan as a Project Manager or leader.

Execution:

You can call this as implementation phase as well in the project lifecycle. At this phase, the actual project works are carried out. The team works towards achieving the goals of the project. The team does it by actively working on the tasks related to the project.

Of course, from the previous step, the project would have been meticulously planned by the Project Manager, Project Leader or both. Even after such planning, at this phase of execution, both these people will be busy in the project-related works. They will have to keep an eye on the progress of the project. Only then, they can ensure the success of the project.

It is important to keep an eye on the project performance continuously compared to the project plan. In turn, the Project Management team can ensure that deliverables meet expectations. They should do it for ensuring that the team stays on schedule. This is why it is crucial to keep track of the budget so that resources can be used wisely.

Let us consider that deviations or hindrances are found in the project. In this case, the Project Manager or Leader will have to take corrective actions immediately. When they do this, they will have to maintain a clear line of communication. They should keep a record of all project-related data and should present them for evaluation during regular meetings.

Of course, everything would be going as per plan. Even then, the Project Manager should look for ways to optimize the resources and processes. This phase comes to an end when all deliverables are produced and reviewed as per the acceptance criteria.

Closing:

This is the final step in the project lifecycle. This phase is not only called the closing phase but is also called the termination phase. At this phase, the project leaders and managers hand over the deliverables to the client. Even, this step should include the completion of administrative tasks. The stakeholders should be kept informed about the project closure. Also, the resources should be released so that they can stay on the bench. Otherwise, they can be immediately taken to other ongoing projects, if required. Finally, the project evaluation should happen thoroughly.  Key takeaways like what tactics worked well and what should have been handled differently should be evaluated. In turn, they will help the Project Managers and leads to plan future projects accordingly.

4P’s of Project Management:

You are here to learn the four P’s of Project Management. But, before knowing them, you now know the phases of a project lifecycle. The 4 P's of effective Project Management are People, Product, Process and Project. These are actually four pillars of any Project Management endeavor.

1. People:

When you intend to explain 4 P’s of Project Management, you should talk about people as the first P. Identifying the roles that people should take is the first step to ensure the success of any project. For any project, undoubtedly, people are the primary resources. Also, a team that is managed well can greatly increase the chances of success. When it comes to Project Management, people take different roles. They are IT Developers, Business Analysts, Stakeholders, Sponsors, Project team members and Project Managers.

2. Product:

This ‘P’ in Project Management refers to the outcome of the project. To ensure the success of this P, it becomes the responsibility of the Project Manager to explain the scope of the project to the team members. In turn, every member of the team can stay clear about the outcome the management expects from the project. This P refers to both intangible and tangible products.

This P refers not only to the scope of the project but also to the actual deliverables. The quality, materials, resources and everything else that explains the project development comes under this P in Project Management. The Project Manager can define and control the deliverables all through the project cycle only when he/she has a clear understanding of all the elements related to the project.

3. Process:

Among the 4 Ps of Project Management, the process is the third element. As you can judge, it involves explaining the process to be followed for achieving the project goal. For the successful framing of the process, the Project Manager along with team members should frame a methodology. Also, they should plan the outlines of the approach to be followed. When there is no clearly defined process, it will be hard for the team members to know when to do what. This hindrance can be avoided by properly planning the process comprehensively. It will be possible to increase the success rate of project execution when the process is set. Naturally, not only the Project Manager but also the team members look to ensure the success of their project. The right foundation for the project’s success can be laid with the right process planning.

4. Project:

The final P in four p's of Project Management stands for the project. This P gives the utmost importance to the roles played by a Project Manager. The Project Manager is responsible not only for coordinating but also for controlling the entire project. All through the life cycle of the project, this person will maintain an overview of the project. He will also closely monitor everything. He will ensure that all members of the team have the required resources and data they need for ensuring the rolling of tasks related to the project. Even, Project Managers guide the team in other ways as well. They keep the team motivated by holding the members accountable for their tasks. A Project Manager oversees every little activity or updates on the project. He also keeps an eye on the budget and keeps track of deliverables and budget at every phase of the project towards the final goal. In short, this P can be explained as the framework or structure governed by the Project Manager to achieve the project goal.