Figure 2: FDIC Project Management Life Cycle

The FDIC Project Management Life Cycle has five Phases.

Phase 1 – Initiation Phase

In this phase, a decision is made on weather to implement a project based on the Cost Benefit Analysis of all alternatives reviewed by the FDIC’s senior management. This phase involves:

• Project Analysis of all alternatives
• A screening and approval of the Cost Benefit Analysis for the project
• Allocation of support for the project
• Establishing a project

Phase 2 – Planning Phase

In this phase, a detailed project plan is developed. This planning phase includes:

• Defining the scope of the project
• Baseline planning
• Creating a detailed project plan
• Project Governances Standard

Phase 3 – Monitoring of Critical Indicators

In this phase, the project management team monitors critical indicators by analyzing project reports and responds to changes to ensure the project is successful.

Phase 4 – Control Phase

In this phase, the project management team ensures that the critical indicators are within the prescribed project milestones, project budget and project schedule. This phase includes:

• Monitoring and analyzing how the project is being executed
• Monitoring and analyzing how the project is being managed
• Reporting on the project performance

Phase 5 – Close Out Phase

In this phase, the completed project experience is evaluated to determine if it accomplished its original intent and that its fiscal obligations were successfully met. This phase includes:

• Assessment of project performance
• Closeout of the completed project
• Archiving project information

Source: FDIC Project Management Guide, September 2004

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