Ultimate Guide of Project Life Cycle in Detail

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PROJECT LIFE CYCLE

• The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project’s objectives.

• Every project has a beginning, a middle period during which activities move the project toward completion, and an ending.

• A Standard Project Typically Has The Following Four Major Phases; Initiation, Planning, Implementation, And Closure.

• Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project life cycle.

Project Initiation Phase or Conceptualization

• It is the 1st phase in the Project Life Cycle, as it involves starting up a new project.

• A new project can be started by defining its objectives, scope, purpose and deliverables to be produced.

• We can also hire our project team, set up the Project Office and review the project, to gain approval to begin the next phase.

• A feasibility study can be conducted for investigation in this phase.

Project Planning Phase

• The all-important second step of any successful project management life cycle is planning and should include a detailed breakdown and assignment of each task of your project from beginning to end.

• The Planning Phase will also include a risk assessment in addition to defining the criteria needed for the successful completion of each task.

Project Execution Phase

• During the third phase, the implementation phase, the project plan is put into motion and the work of the project is performed.

• It is important to maintain control and communicate as needed during implementation.

• Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. In any project, a project manager spends most of the time in this step.

• During project implementation, people are carrying out the tasks, and progress information is being reported through regular team meetings.

Project Closure Phase or Termination

• The Project Closure Phase is the fourth and last phase in the project life cycle.

• In this phase, project is formally closed.

• Project Closure involves handing over the deliverables to your customer, passing the documentation to the business, cancelling supplier contracts, releasing staff and equipment, and informing stakeholders of the closure of the project.

Advantages of Project Life Cycle

• This curve is used for progress review and control the slippage.

• On this curve, the project performance is shown very clearly and in a very simple manner.

• Following is the Project Life Cycle (PLC) for different parameters on site.

• Project Life Cycle for Resources is discussed earlier.

• From the client’s point of view, he is keen on the conceptualization and termination stage.

• He is least bothered about how the execution is taking place. Project stake goes on increasing as the project approaches completion.

• The creativity is required at conceptualization, planning and execution stage for minimizing the cost, maximizing quality and benefits.

• Least creativity is required at termination stage. In the initial phases of the project, the uncertainty level is high from the duration, expenses and resources point of view.

• In the termination stage, as activities are also less, the uncertainty is very low.

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