The main goal for a construction contracting company is to carry out a construction project’s work in a way that meets the project’s objectives, at a high level of quality. It is up to the project manager to meet these objectives, which can occur through the completion of four phases: initiation, planning, execution, and closing. Once these phases are finished, the contract is deemed complete.
Together, these four phases are known as the contract life cycle. One important aspect that runs across the four is effective management. Aspects of management that include communication, documentation, and budgeting are all critical to a successful project.
Here, I’ll explain each of the phases of the life cycle in greater detail, along with a discussion of some of the benefits of using life cycle management.