Question
What are the stages of a Project Life Cycle? Explain them in brief.
Answer :
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Skip in 10
The Project Life Cycle refers to the four-step process that is followed by nearly all project managers when moving through stages of project completion. This is the standard project life cycle most people are familiar with. The Project Life Cycle provides a framework for managing any type of project within a business. Leaders in project management have conducted research to determine the best process by which to run projects. It has been found that following a project life cycle is critical for any services organization.
The Project Life Cycle is the standard process by which teams achieve project success. Lesser known but growing in popularity, the Professional Services Life Cycle exists because the standard project life cycle does not fit everyone’s needs. The standard project life cycle works for some project managers, but professional services need a more robust process. In professional services, unlike other businesses, their product is their people. That is, professional services lend their expertise to other companies in exchange for profit. Due to the constant involvement of clients, professional services require a unique project life cycle that involves a recurring feedback loop to ensure project success.
The stages of a Project Life Cycle:
Stage 1: The Conceptualization Phase
Stage 2: The Planning Phase
Stage 3: The Execution Phase
Stage 1: The Conceptualization Stage
This can also be referred to as the ‘Initiation Stage’ and is the starting point of any project or idea. For the Conceptualization Stage to begin, a strategic need for the project or service must be recognized by upper management.
The Conceptualization Stage typically involves:
· Creation of the statement of work (SOW).
· Presenting the business case.
· Creation of a business contract.
Stage 2: The Planning Stage
The second Stage of the project management life cycle is referred to as the Planning Stage. Once management has given the OK to launch a project, a more formal set of plans—outlining initial goals—is established.
The Planning Stage typically involves:
· Determining resource availability.
· Creating a
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