Project Life Cycle: Risk Management, Vehicle Life Cycle Analysis

This project delves into the intricacies of the project life cycle, encompassing initiation, planning, implementation, and closing phases. It emphasizes the significance of risk management throughout each stage, highlighting the implications for effective project management. The project explores the application of risk management principles across the vehicle life cycle, from strategic considerations and product design to marketing, product delivery, and termination. It also discusses how to envisage and manage risks at each stage, including strategic considerations, product design, marketing, product delivery, consummation, and product use. Furthermore, the project examines the implications of risk controls for the design team, emphasizing the importance of control measures in mitigating risks and ensuring project success.

RUNNING HEAD: PROJECT LIFE CYCLE 1
PROJECT LIFE CYCLE
Student Name
Institute Name

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Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................3
Project life cycle..............................................................................................................................3
Implications on the effective management of risk...........................................................................5
Part B...............................................................................................................................................7
Risks those are likely to be present across the life cycle of the vehicle..........................................7
Planning on how to envisage those risks would be managed..........................................................7
Implication of risk controls for the design team..............................................................................9
Conclusion.......................................................................................................................................9
Reference.......................................................................................................................................10

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Introduction
The project team as well as project manager have always shared a same kind of goal in order to
carry out the work of the current project for the motive of meeting the projects goals. The report
will discuss in detail about different aspect of projects.
Part A
Project life cycle
Each project has an initiation, a middle phase during which functions move the project for
completing and an end. A standard project is typically has four important phases which will
discuss in detail below: -
1. Initiation: it is the first phases which are also called as initiation phase, where the main
aim or need is based on recognition. This can be related to business issues as well as
opportunity. A right response for the need can be documented in a business case with
proper answers and right options (Burke, 2013). In this phase, a feasibility study can be
conducted in order to evaluate all the options that deal with the project aim and a final
solution will also be decided. It is also important to address the feasibility as well as
justification that need to be addressed here. When the solution is approved, the initiation
phase starts in order to deliver the right solution. There are important deliverables along
with participating work group that are recognized. (Loosemore & Raftery, 2006).
2. Planning phase: the very next phase consists of the planning stage where the solutions of
the project are further developed along with the details. The steps taken here are
important to meet the goal of the project and it must be properly planned. This step and

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the team also recognize all the work that needs to be done. The task in project along with
need of resources is timely recognized along with the proper strategy for manufacturing
them. This further can be referee as scope management and the plan helps in outlining the
functions, risks and timeframes (Walden et al., 2015). The project manager also
coordinates the final preparation of project budget in order to provide estimates for cost
for the labor, tools and cost of material. The budget is utilized to supervise as well as
control any expenditures associated with the cost especially during the implementation
phase. It is important to carefully assess all kind of risks at this stage. In the end, it is also
important to properly document an effective plan by providing targets with quality along
with assurance and various control measure along with the right plan as well as listing the
criteria in order to meet the gain from acceptance from consumers. (Loosemore &
Raftery, 2006).
3. Implementation phase: this is the third phase which is also known as implementation
phase and the project in this stage plan to put everything into motion and the work of the
project needs to be performed in a proper manner (van den Ende and van Marrewijk,
2014). It is crucial here to maintain a proper control and timely interact as and when
required during this phase. The development is monitored constantly and with right kind
of adjustments and recorded any difference from the original plan. In any such project,
the manager spends maximum amount of time during this phase. At the time of project
implementation, people usually carries the task and the information associated with
project and it will be reported through a regular team based meetings. The very first
course of action here should always be based on bring the project back on the proper
course. The very first step should always be based on bring the project back on right path.

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If that is not possible, the team must also record the right variations from the actual plan
as well as record or publish the changes in the plan (Chong and Hopkins, 2016).
4. Closing: this is the final course of action or based on completion stage, the attention is
mainly on the release of the final goals for the customer that are handing the project
documentation in right manner and also terminating the contract for the suppliers along
with release of the resources of projects and interacting the present closure with the
project to every stakeholders. (Loosemore & Raftery, 2006). The last step is based on
conducting the experienced studies to test what is the best option. This kind of evaluation
and the experience can be switched back to the present project company which will help
the future teams (Phillips, 2013).
Implications on the effective management of risk
A detailed and comprehensive system for risk management is important for the right balance
based on consulting, data, technical engineering and various solutions associated with IT. Here it
is important to understand that no two risk management processes can be very similar with one

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another. At the same time it is important to completely base it on the same logic which is
important for the calculation and setting priorities of all the potential limitation for one specific
company. There are so many civil engineers that understand the basic formula for measuring the
risk and the probability of a case that occurred as well as multiplied by the influence that one can
make. However, the impact also needs to be timely calculated not just for the damage but it will
also cause some short term profits for the company (Kloppenborg et al., 2014). It also needs to
contain some degree of damage for the medium to long run safety as well as value of assets and
the environment. There are so many kinds of other factors as well which can be completely
involved in calculation of the risk. (Loosemore & Raftery, 2006). There are another elements as
well that should be considered and not always be the most expensive option for repairing the
cause and the biggest potential error or damage. By taking all the important components into
consideration which also happen to include the external factors like usage and climate situation
and companies can make use of the information in better way with the help of site inspection in
order to give importance to risk. Control of risk management does not always have to concern
with assessment of risk related with the structure as well as with the technologies. It may also
concern the risk persistent in the organization specifically for those which can come up with
diverse human facts. Therefore, management of risk also needs to execute the control and the
current checking system to make sure that the overall safety as well as maintenance based
regulation is properly respected by the organization and its suppliers (Bates et al., 2015). This
also needs to be a part of interface that exists between the human and technical challenges.
Accountabilities for every person as well as the chain of different command require to be defined
in clear manner.

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Part B
Risks those are likely to be present across the life cycle of the vehicle
When the team recognizes the right work, it become crucial to properly prepare a schedule and
further estimate the cost and the three fundamental elements of the planning process are finished
in the end. This is the right time to recognize and try to deal with anything that can become a
threat on successful completion of the project. This process is known as risk management. In
these stages, high threats as well as potential problems are recognized along with the proper
action that can be taken on every high threat potential issue and it can either reduce the
probability which is associated with the problem that will happen or sometime decrease the
overall impact on the project (Liu et al., 2014). This can also be a very good time to recognize all
the stakeholders of the project and the set a plan for interaction by describing the needed
information along the present delivery method that can be used to keep the stakeholder well
informed.
Planning on how to envisage those risks would be managed
The following discussion is based on different stages of a vehicle life cycle, related risks at every
stage and some of the consideration for management at the particular stage.
1. Strategic consideration: this stage consists of the strategic analysis based on setting a new
and changed card. This will include proper analyses of strategies set for the organization
and the consumers along with many elements that are tied to development of product. In
order to reduce risk it is important to have a set of strategic goals along with areas of
expertise (Eadie et al., 2013). It also involves the board of directors, legal, business lines,

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management and associated compliance. In addition, proper regulation further helps in
reducing the risk. All the legal activities must be considered because of all the emerging
issues as well as processes.
2. Product design: while designing the vehicle it is important address the process based on
the development of actual product along with some specific set of consideration like
profit. In order to deal with the risk it is important to have a target market, association
with other products, applying on different laws and regulation, fees assessment and
proper delivery system.
3. Marketing: this stage helps in planning the mannerism in which product can be marketed
and targeted. This phase consist of advertising, targeting the solicitation and cross selling
to the consumers (Stark, 2015).
4. Delivery of the product: it consists of the element of initial interface which also includes
the selling as well as application phase. Here risk mitigation will be based on steering
risk, application, fees as well as terms, disclosure s and part of compensation as well as
incentives.
5. Consummation: this stage can be described as a process where the customer actually
qualifies for getting the right product. The considerations are based on disclosure, pricing
and incentives with proper compensation structure.
6. Use of product and complete duration: it consist of any or every aspect of a product that
comes under the origination stage and happens to include services, maintenance,
resolution and dispute, changing the terms, misuse and additional costs. The important
considerations in this stage are periodic level statement with proper disclosure,
communication, options for repayment, delivery systems and complaints (Stark, 2015).

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7. Termination: this stage deals the process of a customer voluntarily providing a discount
on the usage of the product. The important considerations in this stage are procedure and
practices, communication, mitigation loss, and collection.
Implication of risk controls for the design team
After proper assessment and priority planning of the compliance and financial related risks, the
very next step of the process is to recognize the right control measures in order to manage the
risks. The manager also requires paying attention on many high risk areas along with high
priority areas. It is also important to think about the control which works as a map that assists the
managers to get to diverse destination (Eadie et al., 2013). It is also obvious, since the managers
have a map where is no option that they must reach there but it also provides a reasonable
affirmation. The concept of internal control also assists in keeping the company as per the course
to accomplish objectives, reduce surprises with rise in trust for information and promote
efficiency and company with regulations and rules.
Conclusion
The report has discussed in detail about project life cycle along with different stages of projects.
The report will also discuss about the plan to envisage the risk and the ways it can be managed
properly and the implication of risk control in long run.

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Reference
Bates, M., Fox-Lent, C., Linkov, I. and Bridges, T., 2015. Life Cycle Assessment Applied to
Navigation.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Chong, U. and Hopkins, O., 2016. An international experience on the evolution of road costs
during the project life cycle. Transport Policy, 48, pp.60-66.
Eadie, R., Browne, M., Odeyinka, H., McKeown, C. and McNiff, S., 2013. BIM implementation
throughout the UK construction project lifecycle: An analysis. Automation in Construction, 36,
pp.145-151.
Kloppenborg, T.J., Tesch, D. and Manolis, C., 2014. Project success and executive sponsor
behaviors: Empirical life cycle stage investigations. Project Management Journal, 45(1), pp.9-
20.
Loosemore, M. and Raftery, J., 2006. Risk management in projects. Taylor & Francis.
Liu, J., Love, P.E., Smith, J., Regan, M. and Davis, P.R., 2014. Life cycle critical success factors
for public-private partnership infrastructure projects. Journal of Management in
Engineering, 31(5), p.04014073.
Phillips, J., 2013. PMP, Project Management Professional (Certification Study Guides).
McGraw-Hill Osborne Media.
Stark, J., 2015. Product lifecycle management. In Product Lifecycle Management (Volume
1) (pp. 1-29). Springer International Publishing.

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van den Ende, L. and van Marrewijk, A., 2014. The ritualization of transitions in the project life
cycle: A study of transition rituals in construction projects. International Journal of Project
Management, 32(7), pp.1134-1145.
Walden, D.D., Roedler, G.J., Forsberg, K., Hamelin, R.D. and Shortell, T.M. eds., 2015. Systems
engineering handbook: A guide for system life cycle processes and activities. Wiley.