5 of Project Management and How to Master Them with OKRs

Managing a project can sometimes feel like walking a tightrope blindfolded. You’ve likely seen the daunting numbers less than half of IT projects succeed. They either don’t finish, or they run into serious problems.
This guide is for anyone who wants to get better at managing projects whether you’re just starting out, have a few years of experience, or are a key member of a project team. If you want to boost your chances of project success, the secret is having a solid plan. We’ll walk you through the five key phases of project management a tested method for keeping projects on track.

We’ll also show you how using Objectives and Key Results (OKRs), a great way to set goals, can dramatically improve your project results. By the time you finish reading, you’ll understand the five phases, know how to handle each one, and see how to use OKRs to make sure your projects support your company’s overall goals.
So, if you’re looking to improve your project success rate, read on.

Why a Structured Approach to Project Management Matters

Think about projects you’ve been a part of. Have you ever stressed about a deadline you knew you couldn’t meet? Or watched a budget get blown out of the water?

Maybe you’ve been on a project that delivered something that didn’t actually fix the problem it was meant to. These aren’t minor hiccups they usually happen because there’s no solid structure in place. Without a good plan, projects can easily spin out of control, wasting time and money, dragging down team morale, and, in the end, failing. Using a structured approach, like the five-phase project lifecycle, helps you avoid all that.

The project management life cycle acts like your GPS map amidst all the task and project-related chaos. The process breaks big, complicated projects into smaller, easier-to-handle tasks, like setting clear goals, making a realistic schedule, and assigning resources wisely. This makes communication better because everyone knows what they’re supposed to do, which means fewer misunderstandings and mistakes.

The Project Management Institute (PMI) research shows that companies that use formal project management methods get much better results often a 50% or more improvement in project success. This is about having a system with clear roles, regular check-ins, and set processes that you can count on to get the job done, time after time.

The Five Phases of Project Management

The five-phase framework gives you a structured way to approach a project, taking you from the very beginning idea to the successful end. It’s like a game plan that helps you deal with all the complicated parts of a project, giving you not just the steps to follow but also the tools like ways to manage tasks, assess risks, and communicate to keep your project moving forward.
This section will walk you through each of the five phases. We’ll look at the important things you need to do in each phase, the best ways to do them, and, most importantly, how to use Objectives and Key Results (OKRs) to make the whole process better.

Phase 1: Project Initiation

Project Initiation is where your project starts. It’s the first, really important step where you figure out why you’re doing the project, what you’ll be doing, and if it’s even possible to do it. This phase is about checking things out carefully and making sure the project fits with your company’s goals.

Figuring Out the Project’s Purpose

You usually start by creating a Project Charter. This is an official document that gives the project the green light. The charter explains why the project is needed, how it connects to the company’s bigger goals, and what the project will and won’t include.
But before you finalize the charter, you need to identify and understand your stakeholders everyone who will be affected by the project or who can influence it.

Knowing Who’s Involved

Stakeholder Analysis is super important for project success. It’s about understanding how much influence each person has and what they need from the project. A useful tool is the Power/Interest Grid. You basically plot stakeholders on a graph based on how much power they have over the project and how interested they are in it. This helps you figure out who to communicate with and how.
People with a lot of power and a lot of interest are your key players you need to pay close attention to them and communicate in a way that works for them.

Making Sure the Project is Realistic

Don’t just assume your project will work do a thorough Feasibility Study. This is where you figure out if you can actually achieve the project, given your resources and any limitations.
Don’t be afraid to use some technical tools. For example, Decision Tree Analysis can help you if you have several options for how to execute the project. It helps you compare different approaches, looking at the potential risks and rewards of each one.

Setting Clear Goals with OKRs

Let’s bring in Objectives and Key Results (OKRs) to set clear, measurable goals. Instead of using general statements, use the OKR framework to define what your project is trying to achieve.
For example, if you’re launching a new software product, your

Objective:
Successfully launch Product X.
Key Results (KRs):

1. Increase downloads from 0 to 5,000 in the first month.
2. Improve customer ratings from an average of 4.0 to 4.5 stars or higher.
3. Keep the project expenses from exceeding $98,000

Setting OKRs at the very beginning ensures everyone understands the project’s goals and how their work will help achieve them.

Phase 2: Project Planning

The Planning phase is where you turn your project goals into a real, workable plan. You’re figuring out how you’re going to do everything you set out to do in Phase 1.
This means carefully listing out every task, finding the resources you need, and making a realistic schedule.

Listing Out the Work

A key part of this phase is creating a Work Breakdown Structure (WBS). The WBS is like a very detailed to-do list for your entire project, broken down into smaller, easier-to-manage tasks.
For example, if you’re building a website, your WBS might start with big categories like “Design,” “Development,” and “Testing” and then break those down into specific tasks like “Design the look and feel,” “Write the code for the homepage,” and “Test the website on different browsers.”

Remember the 100% Rule: your WBS needs to include everything all the work needed to finish the project, including every single thing you need to deliver.

You can create your WBS in a few different ways: top-down (start with the overall project and break it down), bottom-up (start with the individual tasks and group them), or by using a template from a similar project you’ve done before.

Making a Schedule and Finding the Critical Path

Once you have your WBS, you can create your Project Schedule, which is often shown on a Gantt Chart. This is also where you figure out your Critical Path the specific set of tasks that, if they get delayed, will delay the entire project.

Knowing your Critical Path is really important for managing your schedule it shows you where you have some wiggle room and where you don’t. You can figure out the critical path by looking at how much “float” or “slack” each task has in other words, how much a task can be delayed without holding up the project if any at all.

Getting the Right Resources

Resource planning is about making sure the right people, with the right skills, are available at the right time and are doing the right tasks. Are the people you need actually free when you need them? Are any of your team members overloaded with work?

You might need to use techniques like Resource Leveling, which means adjusting the project schedule to avoid giving people too much work, even if it means the project takes a bit longer.

Resource smoothing, on the other hand, is about making the best use of your resources within the existing schedule, trying to keep everyone’s workload balanced.

Planning for Problems and Communication

Don’t forget about things that could go wrong by creating a Risk Management Plan. Within the plan, you should have a Risk Register. This register is where you list potential problems (like a key team member getting sick, unexpected tech issues, or delays in getting supplies), how likely they are to happen, how big of a deal they would be, and what you’ll do if they happen.

A good Communication Plan is just as important. Create a Communication Matrix that spells out who needs to talk to whom, about what, how often, and how (email, meetings, a project management app, etc.).
And make sure you have clear Escalation Procedures a set way for people to report and deal with problems or risks that need to be brought to the attention of a manager. This makes sure that problems are dealt with quickly and effectively, so small issues don’t turn into huge disasters.

Connecting Milestones to OKRs

As you’re making your plan, link specific project milestones to your overall project OKR by setting Key Results for those milestones. This makes sure that everything you’re doing is directly supporting your main goals. Here is an example

Objective: Increase customer satisfaction within the next quarter.
Key Results (KRs):

1. Increase NPS from 60 to 70.
2. Reduce customer support response time from 48 hours to 12 hours.
3. Boost customer retention from 70% to 85%.

Milestones to achieve these KRs

• Launch customer feedback surveys (Week 1-2)
• Gather insights to inform improvements and target pain points.
• Implement chatbot for FAQs (Week 3-4)
• Reduce response time by addressing common queries immediately.
• Train support team for quicker resolution (Months 1-2)
• Ensure faster response time and enhance overall service quality.
• Create a customer loyalty program (Month 2)
• Increase retention by rewarding repeat customers.
• Track NPS regularly (Ongoing)
• Monitor progress towards the target NPS and adjust strategies accordingly.

Phase 3: Project Execution

The Execution phase is where your project plan goes from being a document to being real work. This is where your team starts doing the tasks listed in your WBS and project schedule.
As the project manager, your job changes a bit in this phase. You’re not just planning anymore you’re more like a coach, making sure everything runs smoothly, and a troubleshooter, dealing with any problems that come up.

Practicing Conflict Resolution

Good communication is crucial here, as well as conflict resolution. Your role involves assigning tasks, making sure everyone knows exactly what they’re supposed to do and when, and answering any questions.
The communication plan you made earlier is your guide to keeping everyone informed. This might mean having regular team check-ins (which should fit with your OKR check-ins), using a project management app to share updates, and being easy to reach if anyone has a problem.
If communication breaks down, things can go wrong quickly people might do the same task twice, miss deadlines, or work in different directions. And, let’s face it, teamwork isn’t always easy.
Be ready to step in and help resolve disagreements, maybe by getting people together to talk about the problem and find a solution everyone can agree on.

Phase 4: Monitoring and Controlling

The Monitoring and Controlling phase happens at the same time as Execution. It’s all about keeping a close eye on how your project is going, comparing it to your plan, and making changes if things aren’t going as expected.
Think of this phase as your project’s GPS, helping you stay on schedule, within budget, and making sure you’re delivering what you promised.

Watching Progress and Performance

Regularly check in on your project’s performance. Gantt charts and dashboards can give you a quick visual overview of what tasks are done and how the schedule is looking. But you need more than just a glance.
Earned Value Management (EVM) is a really useful method for checking how your project is really doing. It lets you compare the work you planned to do with the work you’ve actually done, and the money you’ve actually spent. This gives you a much clearer idea of whether you’re actually on track.
EVM might sound complicated, but the basic idea is simple: you’re comparing what you planned to do with what you’ve done and how much it costs. To use EVM, you’ll need to know a few key terms like:

• Planned Value (PV) is the budget for the work you scheduled
• Earned Value (EV) is the budget for the work you’ve actually finished
• Actual Cost (AC) is what you’ve actually spent.

Using these, you can calculate things like:

• Schedule Variance (SV = EV – PV)
• Cost Variance (CV = EV – AC)
• Schedule Performance Index (SPI = EV/PV)
• Cost Performance Index (CPI = EV/AC)

These numbers tell you if you’re ahead of schedule, behind schedule, under budget, or over budget.

Handling Changes

It’s pretty rare for a project to go exactly according to plan. Changes whether someone asks for new features, deadlines need to be adjusted, or you run into unexpected tech problems are almost guaranteed to happen.
But, if you let changes happen without any control (that’s called “scope creep”), your project can quickly go off the rails, leading to going over budget and missing deadlines. That’s why you need a Change Control Process.
A formal Change Control Process gives you a structured way to handle changes. Usually, this involves the following:

• Change Request Form: Where people write down their proposed changes
• Change Control Board (CCB): A group of people who look at the requests and approve or reject them
• Impact Analysis: This carefully figures out how the change will affect the project’s scope, schedule, budget, and resources
• Change Log: This keeps track of all the change requests and what happened with them.

Using OKRs and Solving Problems

Regular OKR check-ins are also super important during this phase. Use these check-ins to see how you’re doing on your Key Results, spot any potential problems, and adjust your plans if needed.

When problems do come up, don’t just treat the symptoms figure out what’s really causing them. Techniques like the 5 Whys where you keep asking “why” until you get to the root of the problem can be really helpful.

Phase 5: Project Closure

The Closure phase means your project is officially done. It’s about making sure everything is finished, getting final sign-offs, and, most importantly, learning from what happened.

Finishing Up and Getting Sign-Off

First, make sure all the project deliverables are up to par and get official approval from your stakeholders. Settle any remaining contracts and payments.

Then, a really important step: the Post-Project Review. Don’t just rush through this it’s your chance to really figure out what went well, what didn’t, and why.

Learning from What Happened and OKR Review

Use Root Cause Analysis to figure out the real reasons for both successes and failures. The 5 Whys method where you keep asking “why” until you get to the bottom of things is a simple but effective way to do this.
A Fishbone Diagram (also called an Ishikawa Diagram) is another helpful tool it lets you visually map out potential causes, grouping them into categories like people, processes, equipment, materials, and the environment.

Preserving Project Knowledge

Make sure all your project documents are organized and stored in a central place where they’re easy to find. Don’t underestimate how important it is to keep track of what you learned those lessons can easily be forgotten if you don’t write them down.

Take steps to make sure this information is readily available for future projects. And don’t forget to acknowledge and celebrate the team’s work!

Celebrating Success and Reviewing OKRs

Finally, take a close look at how well you achieved your OKRs. Did the project meet its goals?
Write down everything you learned both the good and the bad so you can use it to make future projects even better.

Conclusion

The Five Phases of Project Management gives you a structured approach that’s a clear path to follow, helping you navigate the often-complex world of project work, from the initial idea to the final result.

But by weaving Objectives and Key Results (OKRs) into each phase, you can take your project management skills to the next level. OKRs provide a framework for making sure every project aligns with your organization’s bigger goals. They also create a culture of openness, responsibility, and a focus on getting better.

Remember that worrying statistic we mentioned at the beginning the high rate of project failure? By adopting a structured approach and harnessing the power of OKRs, you significantly boost your chances of success, benefiting both your organization and your own career.

Consider exploring a platform like Profit.co, which easily integrates OKR management with project and task management, providing the tools you need to translate strategy into execution.