(pdf) Life Cycle Assessment
Added on 2021-06-17
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Running head: PROJECT LIFECYCLE ASSESSMENTProject Lifecycle AssessmentName of the Student:Name of the University:Author Note:
1PROJECT LIFECYCLE ASSESSMENTProject Life Cycle denotes phases that are crucial to the successful completion of theproject for instance conceptualization phase, planning phase, execution process andtermination phase. The life cycle starts from the level from where the idea of executing thechapter is initiated and those who are involved with the cycle are formulating strategies andmethods for the successful completion of the project (Loosemoreet al. 2012).The next phaseis the planning process where a formal plan is outlined for a thorough implementation andgoals are identified and established. Next stage is the execution phase where the project isbrought forth into action with the careful usage of raw materials, tools and other resources inorder to reach the project goal. The termination phase is when the project is brought into aconclusion and members are assigned to new duties in different projects. In the terminationstage three major sections are identified which are deliver stage, review and support stage(Loosemore et al. 2012).Project Lifecycle and Appropriate Risk Management For a professional manner of completing the project, the team members shouldaddress whether the requirements have been met and whether the closure report is inprogress. During the progress of any project, over-looking the steps can result in potentialhindrances for example unforeseen expenses, technological obstruction, miscalculation,shortage of raw materials or even misinterpretation of data. The structure or the module ofproject life cycle can be used to give a coherent shape to the generic structure of a project andidentify the major variations in each stage from the upcoming stages(Pennock and Haimes2002). When risks are being identified or addressed, it is always preferable to do in the earlierstages of the life cycle than the later.During advancement of a project, adequate care should be provided to possible riskareas that can appear due to adherence to backdated ideas and better risk management team
2PROJECT LIFECYCLE ASSESSMENTwould ensure the faster completion of work within the allocated budget and timeframe.According to theorists like Haimes , "Project Life Cycle" is often neglected when consideringthe management of risks. Types of risks associated with a project will change over theprogression of it and therefore it becomes a matter of urgency to mitigate the risks once theyare spotted. Continuous risk management should be implemented at every stage of the project(Cleden 2017). It is evident that when certain risks are more likely to occur within eachlifecycle of projects, others can take place at transitory time within the phases. Risksduring each lifecycle stage can also pose major hindrances, some of therestraining risks being invalid design process, inconsistent measurements, misinterpretationof information, inadequate usage of technology and lack of feedbacks and biasness in ideaimplementation. Risk management would therefore need the project team members to havesufficient knowledge regarding the structure of project, even if it is average in size. Projectteam members would easily be able to achieve the goals upon a through and systematicanalysis of risks and predicting the possible outcomes at lifecycle stages. Effective riskmanagement of each stage involves survey risks and resolving its possible outcomes,implementing strategies to reduce the risks and mitigate the loss as far as practical. Properrisk management at every stage of the lifecycle of the project requires assessment of bothexternal and internal environment should be taken into consideration that would needexamining the factors like socio-economic, technological and the political components of theenvironment within which the project is taking place(Loosemore et al. 2012). The basic ideaof risk would not only focus to the key matter but also how when and where the risks mighttake place so that it can be avoided. Basic steps in the risk management process during Lifecycle
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