What are the five major factors affecting project execution in project cycle?

All projects have phases that start with a concept and end with utilization. These phases are known as the Life Cycle. The length and timing of the life cycle varies with each Project and is dependent on the degree of complexity and the resources available. Phases may occur in sequence or overlap. Each phase can be treated as a mini Project.

The end of each phase is characterized by a "Go / No Go" decision.

Each phase achieves a major milestone.

- Approval of the concept.

- Approval of the functional design.

- The completion of the phase.

Coming directly to the point, the5 factors according to me are:

1. Conceptual Planning and Economics (Feasibility Study) Phase.

2. Engineering and Functional Design Phase.

3. This phase includes three sub-phases:

    a) Preparing Drawings and Specifications 

    b) Tender and Award

    c) Procurement

4. Completion of the Project (Implementation) Phase.

5. Operation and Utilization Phase.

1. Initialization

2. Requirement Analysis

3 . Design

.4. Integration And Testing

5.,Post Implementation And Maintenance

 Project management must deal with five major variables:

• Scope: Defines what work is or is not included in a project.
• Time: The amount of time required to complete the project.
• Cost: Based on the time to complete a project multiplied by the cost of the human resources required to complete the project.
• Quality: An indicator of how well the end result of a project satisfies the objectives specified by management.
• Risk: Refers to potential problems that would threaten the success of a project. 

The 5 major factor of a Project

• Project Initiation – a project is formally started, named and defined at a broad level during this phase. Project sponsors and other important stakeholders due diligently decide whether or not to commit to a project. Depending on the nature of the project, feasibility studies are conducted. Or, as it may require, in an IT project – requirement gathering and analysis are performed in this phase. In the construction industry a project charter is completed in this phase.
• Project Planning Phase – a project management plan is developed comprehensively of individual plans for – cost, scope, duration, quality, communication, risk and resources. Some of the important activities that mark this phase are -making WBS, development of schedule, milestone charts, GANTT charts, estimating and reserving resources, planning dates and modes of communication with stakeholders based on milestones, deadlines and important deliveries. A plan for managing identified and unidentified risks is determined as this may affect aspects of a project later on. Risk management planning includes: risk identification and analysis, risk mitigation approaches, and risk response planning.
• Project Execution – a project deliverable is developed and completed, adhering to a mapped-out plan. A lot of tasks during this phase capture project metrics through tasks like status meetings and project status updates, other status reports, human resource needs and performance reports. An important phase as it will help you understand whether your project will be a success or failure.
• Project Monitoring and Control – occurring at the same time as the execution phase, this one mostly deals with measuring the project performance and progression in accordance to the project plan. Scope verification and control occur to check and monitor for scope creep, change control to track and manage changes to project requirement. Calculating key performance indicators for cost and time are done to measure the degree of variation, if any, and in which case corrective measures are determined and suggested to keep a project on track. To prevent project failure, consider why projects are likely to fail and the ways to prevent failure.
• Project Closure  – A project is formally closed. It includes a series of important tasks such as delivering the product, relieving resources, reward and recognition to the team members and formal termination of contractors in case they were employed on the project.

When we talk about project execution, this means requirement, planning, schedule, cost, quality matrix and risk are already identified, finalized and approved during project planning phase.

Factor may play important role during project execution are listed below,

1. Execution of project according to PM plan

2. Acquire and managed Project team

3. Implement only changes approved by CCB

4. Quality assurance and quality audits

5. Collect work performance data

1.Project Scope

2.Schedule

3.Cost Budgets 

4.Project Risk

5.Quality