Project Life Cycle
The project life cycle describes the entire history of the project. In other words, it is the set of phases that the project goes through from its beginning to its completion. Different projects use different combinations of phases depending on the industry, nature of the product, risk, or size. During the project life cycle, the project manager must manage the project’s scope, schedule, budget, quality, resources, risks, and procurement’s. Moreover, project managers should also engage stakeholders through effective communication.
On the other hand, all phases represent a logical aggregation of related work. Consequently, projects become easier to manage. Adopting a project life cycle also promotes transparency. In other words, stakeholders know what to expect. Additionally, it promotes consistency. All phases are necessary to make the “right” decisions. In this way, the cycle increases the likelihood of project success. Projects, large or small, should therefore adopt a project cycle.
A standardized project lifecycle can help you understand all the work needed to achieve project objectives. Consequently, it is easier to determine a feasible timeline and budget. Moreover, it is easier to define responsibilities. Consequently, the project life cycle helps to define more credible objectives.
Project Management Courses
A Generic Project Life Cycle
Project management standards propose generic life cycles. These standards roughly suggest the following phases:
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- Start the Project – This phase promotes a preliminary and summarized definition of the project objectives. Additionally, it preliminarily analyzes the feasibility and justification of the project. Finally, it authorizes the start of the project.
- Organization and preparation – This phase promotes a solid understanding of the project objectives. Additionally, it tailors the approach to the project context. In other words, it ensures the project uses the right processes, practices, tools, techniques, roles, and responsibilities. Finally, it confirms that the project is viable, important, and justifiable.
- Phase(s) to carry out the work – In this phase, or phases, all work necessary to complete the project deliverables is carried out according to requirements and constraints. This phase is sometimes known as the development life cycle.
- Close the project – In this final project phase, the necessary work is carried out to complete the project in a controlled manner.
Project Life Cycle vs Product Life Cycle
It is possible to distinguish the project life cycle from product life cycle. To learn more about product life cycle, you can read this post.
In summary, the project life cycle describes the phases required to complete the project. These phases allow the project manager to have greater control over the project. In other words, project managers can assess variances, forecast performance, and propose corrective and preventive actions. Moreover, project managers can adapt the project management approach to the phase-specific characteristics. For example, the communication approach may vary depending on where the resources working on the phase are located. Additionally, project managers can plan progressively. For example, a phase plan may be prepared just before closing the previous phase. In summary, the project life cycle increases project transparency and the probability of success.