One of the most basic competencies a project manager needs to know is– what are the five stages of project management. These are the project management stages that any PM can use as a basic guide to understanding how a project is progressing; 

1. Project Initiation -This phase is the first stage of turning an abstract idea into a meaningful goal. 
2. Project Planning -This stage requires complete diligence as it lays out the project’s road map. 
3. Project Execution -This stage is where your team does the actual work. 
4. Project Monitoring -This phase runs simultaneously with project execution, thereby ensuring that objectives and project deliverables are met. 
5. Project Closure -This is the final phase of the project management process. This stage indicates the end of the project after the final delivery.