Optimizing EPM Lifecycle Efficiency

Optimizing EPM Lifecycle Efficiency

(Optimizing EPM Lifecycle Efficiency)

Question description

Why is it best to have six or less life-cycle phases in an EPM system?

I strongly believe having five phases is ideal in Enterprise project management. Having more phase will deliberately increase the time preparing paperwork for gate review meetings and it requires additional cost management and project managers time rather focusing and managing the project. One of the key aspect of project management is Time management, the key to good time management is not to work more but work efficiently. This means that you should structure your time that you get more done in less time and save time by avoiding more phases in Enterprise management.

I believe having less phase will enables to gain controls on project. Change management can be implemented efficiently. And will be having less dependencies move forward to next phases.

Below are the important project life cycles

Project Initiation: This is the first phase of the project life cycle. In this phase the project manager outlines the business case document for the project and will evaluate the business goals, timeline and costs.

Project Planning: Once the project has been approved. A standard project plan will guide the team for producing quality output. This phase also prepares team to face any obstacles they might encounter over the course of the project.

Project Execution: In this phase, once the project manager assigns the tasks to team member, they will begin working on the tasks. Execution phase relies on planning phase. This phase is to satisfy the customers by creating deliverables.

Project Control: In this phase, project managers look out for unforeseen issues that may come up and a given risk or error force them to re visit the planning phase. To deliver successful product, teams must monitor the tasks and constant vigilance keeps the project move smoothly ahead.

Project closure: Once the project is delivered to customer, the assigned resources are released to other projects and the project manager wraps up with writing a project closure report. This report includes release of resources, cost management, project sign off, lessons learned throughout the project phases and the final output from the project.

This phase will prepare for stepping stones for the next project

To conclude, depends on the organization standard policies, there may be more phase in enterprise management system, however having more phases will have its own associated constraints like time management, cost management and resource utilization, which are very important key aspects in enterprise project management. Having said it is best to have five phases in Enterprise management system.

 

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