Project Life Cycle Report: Models, Phases, and Execution Strategies

This report provides a detailed analysis of the project life cycle, encompassing various models and phases crucial for effective project management. It begins by defining the project life cycle and its significance, followed by a discussion of different models, including linear and iterative approaches. The report then delves into the four major phases: initiation, planning, implementation, and closure, outlining the key activities and objectives of each phase. The initiation phase focuses on identifying project needs, while the planning phase involves breaking down the project into smaller tasks, creating schedules, and estimating budgets. The implementation phase involves executing the plan and monitoring performance, and the closing phase involves delivering final deliverables and evaluating project success. The report emphasizes the importance of each phase in achieving project goals. References to relevant academic sources are included to support the analysis.

Running head: PLANNING THE PROJECT
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Name of the Student
Name of the University
Author Note:

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Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Linear model................................................................................................................................2
Iterative Model.............................................................................................................................3
Characteristics or Phases in Project Life Cycle...............................................................................4
Initiation phase.............................................................................................................................4
Planning Phase.............................................................................................................................5
Implementation Phase..................................................................................................................5
Closing Phase...............................................................................................................................5
Conclusion.......................................................................................................................................7
Reference.........................................................................................................................................8

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Introduction
The project life cycle comprises structure of phases that a project goes through from the
initiation phase to its closure. The determination of the number and sequence of the project life
cycle is done by the management and various other factors like the need for the project, its area
of application and the nature of the project. The lifecycle delivers a basic ground of all the
actions that have to be performed during the operation stage.
Discussion
The project life cycle ranges from analytical and plan-driven to adaptive and change-
driven approaches (Kloppenborg, Tesch & Manolis, 2014). The project life cycle model, as
explained by Robert k. Wysocki is as follows:
 Linear Model
 Incremental Model
 Iterative Model
 Adaptive Model
 Extreme Model
Linear model
The linear model is also known as the waterfall model and it is the earliest SDLC approach
that was used for software development. It is an example of a sequential model since the phases
are executed sequentially (Davis, & Radford, 2014). This model is easy to understand and
practice, and each phase in this model must be concluded before beginning the next phase.

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The management of waterfall model is easy to comprehend. It has clearly defined stages and
processes, and results are well documented.
Iterative Model
In the iterative model, the organization starts with some of the software specifications and
develops the first version of the software. If there is a need to change in the first version of the
software, then a new version of the software will be created with a new iteration (Alshamrani, &
Bahattab, 2015). The process will continue to repeat until the software is finally deployed. It is
used when the project is big and when the requirements of the system are understood and defined
clearly.

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Characteristics or Phases in the Project Life Cycle
The project is unpredictable and highly unique, and an ordinary project stereotypically
has a four major phase (Watt, 2020):
 Initiation,
 Planning,
 Implementation and
 Closure.
Initiation phase
It is characterized by the identification of the project needs, which can be the business
weakness and opportunity. A viability study is piloted in order to crisscross whether each option
reports the need and objectives of the project. After that, a suitable response to the need is added

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with recommended solutions. Upon the approval of the suggested solution, a project manager is
appointed to deliver the recommended solution.
Planning Phase
After successfully implementing the initiation phase the focus is on the planning phase, in
this phase a large project is fragmented into a smaller task, and a schedule is prepared for the
completion of the assignment. The creation of smaller goals from a large project is done because
smaller goals has better chance of accomplishment. It includes the creation of a project plan and
identifying the timeline along with the possible constraints, creating a workflow diagram to make
sure that members understand their roles clearly. Estimation of budget is prepared and financial
plan is created, and resources are gathered such as hardware and software to complete the task.
Identification of the issues and anticipating risk that can lead to a roadblock in the goals of the
project. Finally, by this moment, the project must have a detailed plan and is organized for
execution.
Implementation Phase
During this phase, the planning is set into action and the performance of the project is
scrutinized. Communication and control play a vital role at this stage and it is important to
maintain this during implementation. Under this phase, the task is created and works are assigned
to appropriate team members. Explanation and necessary guidance regarding the task and
provided along with mandatory training, if any. Continuous communication with team members
also helps them in updating their knowledge. The quality of the work is monitored and the
budget is also managed by monitoring spending on the resources. After producing all the
deliverables and the customer accepts the ultimate solution, the project gets into the closure
phase.

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Closing Phase
Once the work on the project is finished then we enter the cloing phase. Under this phase,
the final deliverables are provided to the customers, and the resources are released.
Determination of the success of the project is done by analyzing the performance and defining
whether the goals are achieved. Team performance is also scrutinized concerning their goals,
timeliness and quality of work (Lock, 2017). Finally, all the documentation is done on closure
and reports are provided to the stakeholders and post-implementation reviews are done based on
the experience and lesson learned from the project.
The rate of interest taken is 10% though it ranges from 5% to 10% as it is the general rate
offered by the banks for a business loan (Were & Wambua, 2014). Accordingly, the calculation
of the present value has been done.

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Conclusion
The above report is based on the models and phases of the project life cycle. All the
phases signify the route a project takes from its initial stages to its closure, as each of its phases
represents the decision-making process and which are critical to perform in order to jump to the
next phase. Execution of each phase by setting smaller goals leads to the achievement of the
bigger goals and attainment of the objective.

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Reference
Alshamrani, A., & Bahattab, A. (2015). A comparison between three SDLC models waterfall
model, spiral model, and Incremental/Iterative model. International Journal of Computer
Science Issues (IJCSI), 12(1), 106.
Davis, B., & Radford, D. (2014). Going beyond the waterfall: managing scope effectively across
the project life cycle. J. Ross Publishing.
Kloppenborg, T. J., Tesch, D., & Manolis, C. (2014). Project success and executive sponsor
behaviors: Empirical life cycle stage investigations. Project Management Journal, 45(1),
9-20
Lock, D. (2017). The essentials of project management. Routledge.
Watt, A. (2020). 3. The Project Life Cycle (Phases). [online] Opentextbc.ca. Available at:
https://opentextbc.ca/projectmanagement/chapter/chapter-3-the-project-life-cycle-phases-
project-management
Were, M., & Wambua, J. (2014). What factors drive interest rate spread of commercial banks?
Empirical evidence from Kenya. Review of development Finance, 4(2), 73-82.