Project Management Life Cycle Assignment
Added on 2021-06-17
10 Pages2314 Words265 Views
Leadership Management
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Project Life Cycle 1PROJECT LIFE CYCLEby Student’s nameCourse code + nameProfessor’s nameUniversity nameCity, StateDate of submission
Project Life Cycle 2Project Management Life CycleProject Management Life Cycle may mean different to different organizations because ofthe different nature and diversity of projects undertaken by different organizations which are alsolikely to differ in complexity, so each may have its own definition and different phases from oneanother, hence, therefore, each organization may have its own template outlining different stagesof the project life cycle different from another organization. The most important thing is thateach organization understands clearly the phases and stages of any given project so as tomaintain the control of the project more efficiently and effectively. In definition, therefore, project lifecycle refers to a standard staged process followed byalmost all project managers when carrying out and overseeing a project to completion. Projectlife cycle provides an outline for undertaking any type of a project within a business. Project lifecycle can take a number of phases/stages that differ in regards to the type of the project and thecomplexity of the project. In most cases, as earlier mentioned, the project life cycle is likely totake either four or five stages.Project life cycle phasesProject life cycle consists of four main phases that are interrelated, dependent andfunction as a unit. One cannot jump a given phase of the project lifecycle and achieve the projectobjects. The life cycle is a step-wise flow of stages that see the project from the inception ofideas to the completion of the whole project.
Project Life Cycle 31.Project initiationProject initiation is the initial phase of project life cycle. In this phase, the projectmanagers have the task to identify the project’s value by conducting a feasibility study todetermine the applicability of the project in line with the objectives set out to be achievedthrough the project. To determine the feasibility of the project, managers take inconsideration two aspects of project management; a)Business case: This is a document used to determine a justification for theproject by putting a financial tie to the project and the foreseeable benefitsderived from undertaking the project. The business case also gives a clearreason for undertaking the project such as an opportunity or a problem that theproject seeks to solve. b)Feasibility study: This refers to the evaluation of the goals of the project, theproject’s timeframe and the associated costs of the project so as to find out ifthe project is practical and achievable and thus should be undertaken.Feasibility study weighs the requirements of the project against possibleresources available.2.Project planningThis is the second phase of project management lifecycle. It is the stage in which plansare set by the project team that will guide the team through the execution phase through toclosure of the project. The planning phase is very critical as it helps project team to manage timeand other resources properly, manage possible risks and changes, and to ensure quality in theprocess. This stage is critical and project managers need to create a clear project roadmap so thatthere is no deviation from the project objectives. It also identifies ten steps for efficient and
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