¶ … lifecycle and analyze how each phase could support an organization's business strategy. These will include the initiation phase, the planning phase, the execution phase, the monitoring phase and the closing phase. As Kerzner remarks, this approach provides the portfolio selection that is important for companies since it keeps them from taking on projects that they can not handle and managing the projects they have. The process allows maximum time and resource management to make sure the job gets done (Kerzner, 2005, 153). In the initiation phase, the projected goal is established. The assigned project manager works with the involved parties who are known as project stakeholders in order to fully determine how to measure success once its completed. The stakeholders are oftentimes the ones who are funding the project. This gives them an overriding need to know what is happening. This knowledge is necessary as the project scope needs to be known at the beginning. This will usually include the project goals, the budget, the timelines and any other types of variables that can then be used for the measurement of success at the final closing phase (Reynolds & McDonough, 2011). This is similar to the concept of the embryonic phase where the project is being conceived...

Here, the project managers usually creates a specific list of things that have to happen in order for project goal or goals to be met successfully. This list should be made of identifiable steps that can be documented in the form of tasks. Often, project managers choose to come up with the project tasks manually on paper with an old-fashioned brainstorming session, such as working with sticky notes where they systematically lay out the tasks so that they can see them in the context of the total picture. Sometimes they will use management systems software to streamline the process when there are time constraints and limitations on available personnel to work on the project (Reynolds & McDonough, 2011). This encompasses many of the same attributes and the line management phase where the project is accepted and commitment is made by the management and the organization ("Project management," 2011).
During the execution phase, the plan is put in motion. In more modern projects, the project management tracking software pays off well. The project management software pays off by helping…