Question

What is a project life cycle? Explain the importance of the project life cycle to project management. Define the phases of project life cycle and identify the most critical phase of project life cycle in your opinion. Support your answers with appropriate examples.

Answer 1

Every organization has their own visions& mission and to complete those one needs to create the projects as one day combination and accumulation of all these projects will fulfilled the visions which is pre-determined.

Project life cycle means the following

• the start and end of project
• the phases and critical issues involved in the project
• the sequence in which the project shall be initiated.
• the number of cycles needed in single project
• the nature and area of the project.

Hence, project life cycle shows the in and out of the project. It creates the road map on which the process needs to be worked. Any deviation may cause extra costing to the company. However, the creation of project should be of such nature that it can bear any amendments or modifications.

To conclude the project life cycle means the step wise phases involved which is start by initiation and end by closure.

The term project management means to manage the team work in such a way that the pre-determined goals and objectives of the company are achieved within time. For managing any project its life cycle is very importance as the start and closure of any project will determined its success.

Importance of Project life cycle

• Structured approach: Having product life cycle helps to keep the track on the progress and deviation. It clearly defines the task and duties of employees working under the project. Hence, it defines the output of the project. Tracking and identification in the project helps the management to calculate the deviation if any and to be prepared in advance for the same.
• Communication: As the roles and duties are defined in the project therefore there is clear communication and no misunderstanding. Moreover, one is clear what they are supposed to do in each phase. And when everything is communicated properly than there is no exploitation of resource and under valuation. Hence for project management have optimum resources in the positive point.
• Evolution of project: In the project life cycle there are phases divided in a way to initiate the process hence is divide helps the employees to figure out which area needs more importance and resources. By evaluating each and every step there will be progress calculation.
• Proper Governance: Every phase is calculated by the vision of the employees and the evaluation helps the management is find the time needed in each phase. It means that there is proper governance within the management.

Project Life cycle phases are as follows:

• Initiation of project; the start of the project: This phase is used to define and authorize the management about the project. In this step the project charter is created which covers the following points.
  • project vision and mission
  • project policies
  • number of employees working in te project
  • project detailing and risk and other factors involved
  • success and progress rate
  • the stakeholder's concerned
  • Another backup to become flexible

For example: Website Development plan: In this the company has got the proposal via mail to initiate the website using laravel. Now the management will brief their employees with all the above-mentioned points

• The Planning Phase: This phase lays down the strategy about the project which enable the detailing of the project. In this the management points out two factors which includes the strategies to be implemented and what will be the success rate.

For example: After the initial step the website development team will prepare Statement of Work which include the software to be installed, the website front end and back end will work and the costing of overall project. This also include the service agreement with the developer and the client.

• The execution Phase: In this stage the strategies so defined are implemented. After implementation the project is tracked and supervise to check the errors and deviation. Moreover, to check if the strategies so implemented are correct or not and if it is not correct than how it needs to be changes and what wall is required.

For example: After the client approves the statement of work the website is initiated by the team and work as per the description mentioned in SOW. The process is created the domain is registered and special effects are considered and the content writing is done.

• Surveillance: In this phase eighty percent of the work so done is tracked and monitored by the management. It includes what outcome will the project give once launched.

For example: Once the website is prepared the demo is shared with the client and is hosted on server to check the reliability and if everything is perfect than the maintenance work is done to complete the project.

• Termination Phase: This being the last step means everything was as per the plan which means end of project

For example: the client approved the website and therefore all the credentials and admin logins are handed over to client and thereafter the website is owned by the client.