Project Life Cycle

 

 

What Is the Project Life Cycle?

 

All types of projects, regardless of their nature, share a common characteristic—they follow a consistent pattern known as the project life cycle or project management life cycle.

 

The project life cycle encompasses five distinct stages:

 

1.      Project Initiation:

At the project's outset, the project manager assumes the responsibility of defining its high-level parameters. Typically, this stage commences with activities such as creating a business case, conducting a feasibility study, performing a cost-benefit analysis, and other forms of research to determine the project's feasibility and its suitability for initiation. Stakeholder input is sought, and if the project is given the green light, a project charter is formulated, providing an overview of the project and laying the groundwork for the project plan.

 

2.      Project Planning:

During this phase, the project plan is developed and adhered to by all project participants. The process commences by establishing SMART (Specific, Measurable, Attainable, Realistic, Timely) objectives. The project's scope is defined, and a comprehensive project management plan is crafted, outlining elements such as cost, quality, resources, and a timetable. Key aspects of this phase include generating a scope statement, setting milestones, establishing communication protocols, formulating risk management plans, and constructing a work breakdown structure.

 

3.      Project Execution:

This is the phase that most people associate with a project, as it involves executing the tasks, deliverables, and milestones defined in the project's scope. Activities in this phase encompass team development, resource allocation using key performance indicators, the implementation of the project plan, procurement management, and the continuous tracking and monitoring of progress. If necessary, status meetings can be scheduled, and adjustments to the schedule and plan can be made.

 

4.      Project Monitoring and Controlling:

The project monitoring and controlling phase revolves around setting up controls and key performance metrics to gauge the effectiveness of project execution. It holds a vital role in ensuring that the execution adheres to the planned schedule, scope, and budget baselines.

 

5.      Project Closing:

The project isn't considered complete until the closure phase is finalized. While delivering the project's outputs to the satisfaction of stakeholders is essential, the project manager also oversees the dismantling of the structures established to fulfill the project's objectives. This entails concluding agreements with contractors, ensuring all payments are settled, and obtaining signatures on all project documents, which are then archived for future reference in planning subsequent projects. Following this, the project manager often conducts a post-mortem review with the project team to highlight successes and identify areas for improvement, enabling the replication of successes and the avoidance of mistakes in future endeavors.