Project Management Cycle -Project Lifecycle Secret (Read now or Regret Later)

Project Lifecycle – The Project Management Cycle

Most, if not all projects go through phases that vary with the size, length of the project, and complexity of the project. In the project management domain, the project lifecycle breaks the project into distinctive phases. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project life cycle or Project Management Cycle.

Project Life Cycle /Project Management Cycle is specific for every program, project, or product, which is a sequence of different phases. These phases usually, go through the initiation of the project until its end, though every project has a definite start and end, defined objectives, and deliverables.

You can customize it as per the requirements and aspects of the project or business need. Accordingly, the number and sequence of the project life cycle can be determined.

How the project Lifecycle is developed?

Project lifecycle provides a high-level view of the project and the phases are the roadmap to accomplishing it. The project phase is marked by the completion of one or more deliverables.

Project Life Cycle can develop on a predictive or plan-driven basis. Also, the actual project life cycle can be influenced by adaptive or change-driven management approaches.

In the predictive project management cycle, specifics are clearly defined at the start of the project, and any alterations to scope are addressed. Whereas, in the adaptive life cycle, the product is developed over multiple iterations. The detailed scope is defined as the iteration begins.

 There is no standard or guidelines for the project management lifecycle model. Each industry uses its own variations and the project lifecycle model may vary from project to project even in the same industry. The naming convention of the phase is mainly defined based on project characteristics. One industry may name the first phase as the concept phase whereas another may name it the initiation phase.

Following is a typical example of a project lifecycle for an EPC Oil & Gas project.

Project Phase is not the Project process

The project life cycle consists of crucial phases that play a lead role in helping the project manager and his team achieve the project objective. These sub-divisions include phases like design, detail engineering, procurement, construction, installation, commissioning for the development of the project and overall Project Management Cycle.

The implementation of each phase is done through the project management process group. As per Project Management Institute (PMI), the following five processes initiation, planning, execution, monitor & control, closure is included in project management processes.

Importance of the Project Life Cycle in Project Management 

1. It provides a structured approach to project management.
2. Clearly defines and groups the related activities
3. Helps to measure the outcome at the end of each phase.
4. Allows stakeholders to verify the project’s progress.
5. Helps in determining the completion of each phase.
6. Helps in enhancing effective communication.
7. Provide critical review points for the team.

Conclusion

The project life cycle helps the project team to clearly define the phase of the project. These phases start from the initiation of the project until its end, though every phase has a definite start and end, defined objectives, and deliverables.

You can customize it as per the requirements of business needs. Accordingly, the number and sequence of the project life cycle can be defined.

Are you working on some project phase? Will be happy to learn from your experience. Let me know by leaving a comment below right now. And if you enjoyed this blog post, share it with a friend!