Based on the PMBOK, there are five phases of project management.
Phase 1; Project Initiation - This is the start of the project, and the goal of this phase is to define the project at a broad level. This phase usually begins with a business case. This is when you will research whether the project is feasible and if it should be undertaken. If feasibility testing needs to be done, this is the stage of the project in which that will be completed. Important stakeholders will do their due diligence to help decide if the project is a “go.” If it is given the green light, you will need to create a project charter or a project initiation document (PID) that outlines the purpose and requirements of the project. It should include business needs, stakeholders, and the business case.
Phase 2; Project Planning - This phase is key to successful project management and focuses on developing a roadmap that everyone will follow. This phase typically begins with setting goals. Two of the more popular methods for setting goals are S.M.A.R.T. and CLEAR: Specific – To set specific goals, answer the following questions: who, what, where, when, which, and why. Measurable – Create criteria that you can use to measure the success of a goal. Attainable – Identify the most important goals and what it will take to achieve them. Realistic – You should be willing and able to work toward a particular goal. Timely – Create a timeframe to achieve the goal. In addition, PM will create several documents to ensure the project will stay on track such as; scope statement, work breakdown schedule, milestones, Gantt Chart, communication plan, and risk management plan.
Phase 3; Project Execution - This is the phase where deliverables are developed and completed. This often feels like the meat of the project since a lot is happening during this time, like status reports and meetings, development updates, and performance reports. A “kick-off” meeting usually marks the start of the Project Execution phase where the teams involved are informed of their responsibilities. Tasks completed during the Execution Phase include: Develop team, Assign resources, Execute project, management plans, Procurement management if needed, PM directs and manages project execution, Set up tracking systems, Task assignments are executed, Status meetings.
Phase 4; Project performance/ monitoring - This is all about measuring project progression and performance and ensuring that everything happening aligns with the project management plan. Project managers will use key performance indicators (KPIs) to determine if the project is on track. A PM will typically pick two to five of these KPIs to measure project performance: project objectives, quality deliverables, effort and cost tracking, project performance.
Phase 5; Project closure - This phase represents the completed project. Contractors hired to work specifically on the project are terminated at this time. Valuable team members are recognized. Some PMs even organize small work events for people who participated in the project to thank them for their efforts. Once a project is complete, a PM will often hold a meeting – sometimes referred to as a “post mortem” – to evaluate what went well in a project and identify project failures. This is especially helpful to understand lessons learned so that improvements can be made for future projects. Once the project is complete, PMs still have a few tasks to complete. They will need to create a project punchlist of things that didn’t get accomplished during the project and work with team members to complete them. Perform a final project budget and prepare a final project report. Finally, they will need to collect all project documents and deliverables and store them in a single place.

It is critical to understand the important of project initiation phase and how to initiate projects successfully. The project initiation phase is arguably the most important step for enabling success. There are some steps to initiate the projects quickly and efficiently :  - Create a detailed business case.     - Do study.  - Create the project charter.  -  Define  the project team.   - Review the initiation phase. It is necessary to review this phase to ensure nothing was missed and that you get approval from all stakeholders that the initiation phase is complete and ready to move to the next phase of the project.