Project Life Cycle and Risk Management - Desklib

Running head: PROJECT LIFE CYCLE AND RISK MANAGMENT
PROJECT LIFE CYCLE AND RISK MANAGMENT
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PROJECT LIFE CYCLE AND RISK MANAGMENT1
Table of Contents
Part A.........................................................................................................................................2
Part B..........................................................................................................................................5
References..................................................................................................................................8

PROJECT LIFE CYCLE AND RISK MANAGMENT2
Part A
The significant concept of the project life cycle is depicted as a four step process that
is adhered by most of the associated project managers in respect to the fact that the
organization will intend to execute a project effectively. The project life cycle enhances the
initiation, processing, execution as well as the completion of the project in an accurate
manner. This concept tends to provide an effective framework that deals with the overall
management of the project thus providing an enhanced business environment thus amplifying
the exposure of the business (Lock, 2017). The usage of the project management life cycle is
depicted to be a significant as well as critical section in respect to the overall services within
the organization. This framework is identified to be a standard procedure, which implies the
associated teams within an organization to cope with the strategic goals as well as scope as
set the overall management of the organization.
As identified by the various studies with the Institute of Project Management it can be
identified that the Project Management Life Cycle is associated with the implementation of
the significant four steps. These are mainly depicted to be project phases (Harrison and Lock,
2017). These phases include the Initiation phase, planning phase, execution phase as well as
the closure of the project.
The significant first phase deals with the overall conceptualisation of the associated
project. Within this phase the significant problem is identified as well as the solution to that
potential problem is also analysed so that the project can be executed effectively. The
significant goals of the overall project is significantly identified in respect to the project
management. The statement of work is developed within this phase. The significant usage of
the potential requirements in accordance to the fact of the relevant business case is presented