The Project Lifecycle Phases and how they Influence Business Strategy

Modern businesses achieve higher performance only through a fit between business strategy and competitive environment through project contribution. Business strategy is the means by which a business sets outs to achieve its objectives. Higher performance requires strategic alignment. Strategic alignment is a process that takes into account the extent a project is aligned to the three dimensions of business strategy. These dimensions include operational efficiency, strategic focus, and team leadership. The extent of alignment is referred to as strategic maturity. Research shows a higher rate of project success in projects with a high level of strategic maturity.
The five phases of a project lifecycle

Every project undergoes a five-step cycle. These include the initiating process group, project planning process group, project execution process group, monitoring and control process group, and the closing process group. The first phase is the initiating process group. In these phase, the project manager defines a project and acquire authorization from the relevant parties to commence. Defining a project is a two-step process: identifying the stakeholders and developing a project charter. A stakeholder is any individual or entity that can influence the outcome of the project. The project manager keeps a stakeholder register. The stakeholder register contain the important information about the key stakeholders. The information in the register enables the project manager to determine the stakeholders who support the project objectives and those opposed to the project objectives (Babbar, 1992). The stakeholders register also contains the expectations of the stakeholders. The content of the project charter include the approach of the project, the project overview, and the approval of the stakeholders required to initiate the project. With this document, the project manager with the help of the project initiator can commit the resources of the organization toward the completion of the project. The project charter comprises the project justification, objectives, stakeholder list, budget, assumptions and constrains (Kerzner, 2005).
The planning process group consists of the activities preformed to establish the scope of effort, refine objectives, and extend a path of action to achieve the objectives. At this stage in the project cycle, the project manager develops the project management plan. The project management plan is a critical phase in the project cycle. It involves plan schedule, human resource, quality, communication, procurement, and stakeholder management. The planning process phase delivers a clear plan of action for project delivery. During the entire project cycle, returning to this phase is critical when things do not seem to go according to plan. The value of the project plan is realizable only through execution (Sheid & McDonough, 2010). The execution process group consists of the activities performed to absolute the actions definite in the project management plan. Most of the budget assigned to the project is spent during this phase. The role of the project manager at these stage increases significantly. The manager acquires the project team, which has the necessary expertise for the implementation of the particular project, develops, and manages the project team (Sheid & McDonough, 2010). The manager also conducts procurements, manages stakeholder engagement, directs, and manages the project work.
Projects rarely go as planned. There are many reasons accountable for the derailing of a project plan, including unpredictable risk, unrealistic estimates, and changing requirements. The monitoring and controlling process group is responsible for ensuring the project remains on track regardless of any circumstance that may result in delays. The monitoring and controlling process group is concerned with reviewing the performance and progress of the project. The goal is to identify any place where the project requires change, and initiating the necessary change. The monitoring and controlling process group monitors and controls the project works through integrated change and quality control (Sheid & McDonough, 2010). The group also controls the engagement with the stakeholders and the procurement. After the implementation of the project, and regardless of whether the project is a success or a failure, the closing phase is necessary. The closing process group phase consists of actions necessary for the conclusion for the conclusion of the entire project. Involves the formal completion of the project by considering and analyzing the risk register, project management plan, and stakeholder register.  The project manager in the termination of the project releases the project resources updates the organizations assets, and conduct review meetings where lessons learned are documented (Sheid & McDonough, 2010).
The five phases relation to business strategy
The phases enable the creation of an end-to-end collaborative environment that helps the project manager and the stakeholders organize and gain control, and insight into the project. This cycle enhance the decision-making process, maximize resource utilization, measure, and help improve the operation efficiency. The five stages also improve the alignment of the project to the business strategy. This generates a better bottom line, leads to satisfied customers, and improves cost control. The cycle also enables everyone involved to understand the procedure followed throughout the project lifetime (Atkinson, 1994). The last phase, the closing process group phase, enable the documenting of best and worst experiences to facilitate the improvement of future projects. The phases also enable the application of project management software that integrates with the necessary organization information.
Conclusion
Throughout the project lifecycle, the Strategic Business Objectives (SBOs) are an essential part if the business is to survive the assessment criteria. To ensure better results, the SBOs are translated into the more specific Key Performance Indicators (KPIs). The SBOs provide guiding points for the alignment of the project implementation with the business strategy. The failure to achieve SBOs is a sign of poorly designed projects and often accompanies cost overruns.
 References
Atkinson, C. (1994). Continuous improvement: The ingredients of change. International Journal of Contemporary Hospitality Management, 6(1), 6.
Babbar, S. (1992). A dynamic model for continuous improvement in the management of service quality. International Journal of Operations & Production Management, 12(2), 38.
Kerzner, H. (2005). Using the Project Management Maturity Model: Strategic planning for project management (2nd ed.). Hoboken, NJ: John Wiley and Sons, Inc. ISBN: 9780471691617.
Sheid, J., & M. McDonough (Ed.). (2010, June 13). Project execution: Putting your plan to work [Web log article]. Sheid, J., & M. McDonough (Ed.). (2010, June 13). What is involved in the project closing stage? [Web log article].