Here we will discuss about the various stages of Project Life Cycle and how it really matter for a successful project .It plays an important part for completing a project on schedule and within a budget .Cost incurred , budget plans and how to implement certain plans in a project comes under this life cycle . In order to make it easy , let us start with basic definition of Project Life Cycle and then proceeding to various stages along with important of each stage in this whole cycle .
The figure given below shows a typical project life cycle with four basic phases .It is important to know that not all projects follow these stages strictly . There can be little bit of variations because ideal state is not practical every time .
Project Life Cycle Phase 1 : Conceptualization
This phase of a project deals with initial goal and we discuss about all the technical specifications of a project . As this is the very beginning of a project , we determine the scope of a project .One of the main task is to identify necessary resources such as man power, money and materials .At this stage, we sign on all the important contributors / stakeholders .
Project Life Cycle Phase 2 : Planning
The stage after conceptualization is planning .As the name tells , all the planning work takes place during this phase . We deal with all the precise work such as all the detailed specification, schedules and schematics are developed . Project is broken down into ” Work Packages “. Here we work on every minute part of the project such as individual pieces of the projects , individual assignments and the completion process is described precisely . For example to complete any research paper or presentation , what planning steps involved in it includes researching , drafting , editing and final submission .
Project Life Cycle Phase 3 : Execution
This is the stage when the actual work is performed , an action is doe after planning . In included development of a system , create of a product , product fabrication and stuff like that .Most of the project team labor is performed during this phase of the project life cycle .Cost of project increases rapidly during this phase as we need lot of man hours for project execution .
Project Life Cycle Phase 4 : Termination
Project is terminated when we complete the project and is transferred to the customer . Its resources reassigned and the project is formally closed out .As the activities get completed by this stage , the project shrinks in scope and there is rapid decrease in the cost associated with the project .
These are the fundamental phases of every project n matter how big it is .By observing these stages of the project , project team can easily identify the missing points and work on those areas .It is one of the efficient way to evaluate the performance and overall status of the project under execution .As soon as we begin the project , life cycle also starts and all the project development , development of schedules and plans , completion of project and reassignment of personnel .
Project Life Cycle Importance
Project life cycle is of great importance as it is a way of visualizing the activities required during the project plus the challenges that need to be faced during the course of the project .
Here we are wrapping up the topic after disusing the basics of project life cycle and what is included in which phase of project life cycle . For any queries related to Project Management and this topic , feel free to comment .We will surely entertain your questions . If you enjoyed this article related to Project Management , hit the like button and share with your friends .