Question

What are the phases in a traditional project life cycle? How does a project life cycle differ from a product life cycle? Why does a project manager need to understand both?

Answer 1

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Phases of Project Life cycle:

1. Requirement Analysis (Conceptual Phase)

2. Planning (Design Phase)

1. System Costs
2. Cost Benefit Analysis

3. Coding

4. Testing

5. Implementation Phase (Deployment)

6. Closure

Differences between Project and Product Life Cycle:

1. The product life cycle is usually longer than the actual project life cycle as it depends on the product.
2. The project life cycle might end but a product life cycle continuous as long as the product makes sales
3. A product life cycle will constitute of one or more project life cycles.
4. The goals of product life cycle depends on the market conditions and trends where as project life cycle has definitive goals and roadmap
5. In project life cycle the phases may run in an iterative manner where as product life cycle each phase comes only once.
6. Phases in product life cycle run in an order while there may not be an order in which project life cycle run.

3)

In order to work on successful product the project manager needs to understand both project as well as product life cycle both to be able to understand and analyze the difference and planning to time and resources to be used for both, having a good understanding will help the manager to get a better idea of market trends and make predictions on how the product is going to perform when launched, it gives a better idea to know whether the project is running as per the requirements and identify and potential failures and takes necessary steps to avoid them before hand.