Project Life Cycle and Management Concepts

Case Study
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
1. Stages of project life cycle.................................................................................................3
2. Scope of the project............................................................................................................4
3. AON project network.........................................................................................................4
4. Cost appraisal method........................................................................................................6
5. Risk Management...............................................................................................................7
6.1. Quality audit....................................................................................................................8
6.2 Project evaluation.............................................................................................................8
6.3 Purpose of monitoring a project.......................................................................................8
6.4 Project control..................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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Introduction
A project has a life cycle beginning from its inception to its conclusion. A project life
cycle begins from initiation phase and proceed further with planning phase and then execution
phase. It finally concludes with termination phase. Project management refers to the process of
managing the resources and operations of the project during its life cycle (Dykstra, 2018). This
report is divided in two parts. First part aims at exploring concepts of various approaches and
terminologies that are encountered during the project life cycle. Second part aims at exploring
applications of those concepts in the phases observed during project life cycle.
Task 1
1. Stages of project life cycle
Project life cycle refers to a framework which is designed to assist project managers to
complete their project from beginning to end in an orderly manner. It includes four stages which
are below mentioned:
 Initiation stage – This stage includes identification of project need and objectives. It is
important as it includes evaluation of all the possible options to satisfy those needs and
objectives by conducing feasibility study, to identify final solution.
 Planning stage – This stage includes developing plans for the final project solution in as
much detail as possible to meet the project objectives. It is important as this stage
includes scope management and develops processes that are required to be followed by
project management team.
 Execution stage – In this stage, plan prepared is put to action under project manager. It is
important stage as it includes actual work happening to meet the desired need and
objectives with which project was initiated. Therefore, it includes strict vigilance and
control measures (Larsson, Eriksson and Pesämaa, 2018).
 Termination stage – This is the final stage of the project in which projected product or
service is rendered to the customer. It is important as it includes handing over project
documentation and deliverables to the customers. This step also includes examination of
success and failures observed during the process of project to help project team further in
the future.
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