At Equa, we know that dividing your project management into these five, essential phases will help to structure the process into a series of logical, manageable steps that has complete buy-in from the client/Equa team, right from the start. Those steps include:
Step #1: Project Initiation
Here’s where the project’s end-value and viability are detailed with:
• A business case document, justifying the need for the project and projecting potential, financial benefits (productivity, security etc.).
• A feasibility study, evaluating project goals, timelines and costs and balancing project requirements with available resources to ensure that pursuing the project makes sense.
Step #2: Project Planning
Once the project is a go, it needs a solid plan to guide the team. Equa’s well-written project plans offer complete guidance for obtaining resources, acquiring financing and procuring required materials. The result of our well-conceived and written project plans is that the team has solid, start-to-finish direction for producing quality results, handling risk, creating acceptance, communicating real benefits to stakeholders and managing third-party providers.
As well, project plans also forecast potential challenges that may be encountered over the course of the project, helping the team to them understand and anticipate solutions before those challenges emerge.
Step 3: Project Execution
Proper project execution is all about building deliverables that satisfy the customer. And that’s Equa’s focus. We make this happen, by allocating resources and keeping team members focused on their assigned tasks.
Step #4: Project Monitoring / Control
As the project plan rolls out, progress must constantly be monitored.
To guarantee delivery of what was promised, Equa’s project team regularly monitors task performance to prevent / identify / resolve scope creep, calculate key performance indicators and track variations from allotted cost and time. This constant vigilance helps keep the project moving ahead smoothly.
Step #5: Project Closure / Wrap-up
Once Equa’s team delivers the finished project to the customer, we conduct a wrap-up meeting with the client to evaluate and document the project and, as appropriate, move on the next one, using previous project experiences to build stronger processes and more successful team efforts for the future.