Product Life Cycle
The product life cycle describes the product’s history. More specifically, it describes the sequence of phases that the product undergoes from the idea to the product retirement. The project life cycle, however, describes the project’s history. In other words, the sequences of phases that the project undergoes from the project authorization to its closure.
Product Phases
There are several alternative ways to organize the product life cycle. For example, a common alternative way to describe the product life cycle includes the phases of development, introduction, growth, maturity, and decline.
However, not all products will adopt the previous phases. In fact, the phases and the actual duration of each phase may vary. More specifically, it varies depending on the product’s risk, market condition, criticality, complexity, and size.
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Product Life Cycle vs Project Life Cycle
Even if some people may think that the project life cycle and product life cycle are the same, that is definitely not the truth. To better understand the two concepts let’s address next the concept of project life cycle.
What is the Project Life Cycle?
The main difference is that during the product life cycle, the product may have many projects and each project will have its life cycle. For example, an organization can set a project to create a product, and then a project to move the product from one factory to another. Another project to improve the product after some years, and a project to discontinue the product.
One of the most common projects is to create a new product. When the product is finished and ready to move on to the next phase, normally production, the project ends.
The size of the project is not a variable when considering the phases that the project may adopt. Normally those phases go through the beginning till project completion. The number of phases adopted by the project is called the project life cycle. One of the most known guides of project management, the PMBOK® Guide mentions a project life cycle with the following phases: Start the project, organize and plan, carry out the project, and finally, complete the project.
Even if many, if not most people used the project life cycle mentioned above, this is not a rule. Different projects can adopt different life cycles. During the project life cycle, the team develops the phases sequentially. The team uses the output of each phase as an input to the next phases.