A finite element model is employed to perform a sequentially coupled thermo-mechanical analysis for enabling rapid process simulations of temperature fields, residual stresses and distortions for the production of additively manufactured parts via laser metal deposition. Experimental identification of characteristic process features such as temperature distribution, melt pool dimensions and bead geometries were used for the initial built-up and calibration of the model. The addition of material during process simulation is realised through reactivating inactive elements during the transient heat transfer analysis and through reactivating a combination of inactive and quiet elements during the mechanical analysis. The travelling heat source is geometrically bounded to precisely control the volume of its energy distribution. The results of the transient heat transfer analysis are sequentially coupled to a mechanical analysis for obtaining information on the resulting residual stresses and deformation. Based on the good agreement between numerical and experimental results of the thermal analysis, conclusions on the corresponding residual stress distributions and deformation are made. It is shown that the model represents an efficient tool for process prediction regarding thermal history, residual stresses and final-part deformations. Finally, the model is utilised to identify parameters and conditions of the process that lead to reduced residual stresses and deformations of the investigated additive part.