Question 6
Name and analyse the phases of a Project Life Cycle.
(20 Marks)
Project Life Cycle
Projects vary in terms of objectives, but each project has a common life cycle or
sequence of activities. Project management life cycle is the term used to describe
the series of phases a project passes through from its start to its completion. It
establishes the basic framework that can be applied towards any kind of project
from software development to construction to event planning. A well-defined life
cycle brings order and structure to the project. The life cycle begins with an initial
concept, followed by a feasibility study, the planning of the project, the execution
of the plan, and finally the termination of the project. Let's look at each phase of a
project life cycle.
Conception
This is the first phase of the project. In this phase, the company realizes that, for
some reason, it needs to execute some project. Such reasons may be to comply to
regulations, to reduce costs, to launch a new product, to expand revenue, or any
other business need. An appropriate response to the need is documented in a
business case with recommended solution options. As the need becomes clear
enough, we will make a project charter. That is a document that summarizes
what the project would look like, why it is important, and what how to go about
doing it. The goal of the project charter is to provide a general overview of the
project, so that we can make a high-level decision whether to proceed or not.
Once the recommended solution is approved, a project is initiated to deliver the
approved solution and a project manager is appointed. The major deliverables
and the participating work groups are identified, and the project team begins to
take shape. Approval is then sought by the project manager to move onto the
detailed planning phase.
Feasibility Analysis or Study
a preliminary assessment of the funds required for the project, benefits, and risks
of the project. For the company launching a new product, a feasibility study
means examining the potential market, the market share, and profits for the new
product compared to the costs. In politics,
The project manager coordinates the preparation of a project budget by providing
cost estimates for the labor, equipment, and materials costs. The budget is used
to monitor and control cost expenditures during project implementation.
Planning
In this step, the team identifies all of the work to be done. The project’s tasks and
resource requirements are identified, along with the strategy for producing them.
A project plan is created outlining the activities, tasks, dependencies, and
timeframes. The easiest way to illustrate this point is to use a Gantt chart.
In risk management, “high-threat” potential problems are identified along with
the action that is to be taken on each high-threat potential problem, either to
reduce the probability that the problem will occur or to reduce the impact on the
project if it does occur. This is also a good time to identify all project stakeholders
and establish a communication plan describing the information needed and the
delivery method to be used to keep the stakeholders informed
Execution
The execution phase is the biggest of the project life cycle phases, both in terms
of total effort and duration. This phase typically involves Strategic planning and
Implementation planning. Here, the people actually working on the project will do
the activities defined in the plan to create the desired deliverables. the project
manager and her team are tasked to monitor and control that everything is going
according to plan. This involves understanding if we are getting what we planned
for, at the planned expense and within the planned time. Progress is continuously
monitored and appropriate adjustments are made and recorded as variances
from the original plan. During project implementation, people are carrying out the
tasks, and progress information is being reported through regular team meetings.
The project manager uses this information to maintain control over the direction
of the project by comparing the progress reports with the project plan to
measure the performance of the project activities and take corrective action as
needed. Throughout this step, project sponsors and other key stakeholders
should be kept informed of the project’s status according to the agreed-on
frequency and format of communication. The plan should be updated and
published on a regular basis.
Termination
During the final closure, or completion phase, the emphasis is on releasing the
final deliverables to the customer, handing over project documentation to the
business, terminating supplier contracts, releasing project resources, and
communicating the closure of the project to all stakeholders. The last remaining
step is to conduct lessons-learned studies to examine what went well and what
didn’t. Through this type of analysis, the wisdom of experience is transferred back
to the project organization, which will help future project teams.
The closing phase is the last of the project life cycle phases. It is generally the
shortest, both in terms of effort and duration.
Conclusion
Accomplishing a project is never easy. From the sheer number of tasks that need
to be completed to meeting the expectations of clients and stakeholders, there’s
so much to think about before being able to mark a project as complete.
Understanding the different phases of project management and applying them to
all projects helps managers achieve consistent results. Regardless of the field
you’re working in; rules stay the same.
https://www.mavenlink.com/resources/what-is-the-professional-services-project-life-cycle
https://twproject.com/blog/project-life-cycle-phases-and-characteristics/
https://opentextbc.ca/projectmanagement/chapter/chapter-3-the-project-life-cycle-phases-project-
management/
https://www.workamajig.com/blog/project-life-cycle
https://slidemodel.com/project-management-life-cycle-5-phases/
