PROJECT LIFE CYCLE Essay

Submitted By JohnHarvard999Gm
Words: 774
Pages: 4
Open Document
PROJECT LIFE CYCLE
KARTHIK REDDY VELLORE CHANDRA SHEKAR
WILMINGTON UNIVERSITY

Project Life Cycle
The ultimate goal of an organization or the project manager is to complete the given project by best utilizing available resources. For this purpose the Project life cycle is carried out in four phases. These phases can be illustrated as follows:
1. Initiation:
Actual purpose of the project is defined in this phase. The needs of the project and the ways to procure resources to satisfy the needs are identified. Opportunities that are available to carry out the project are also a crucial identification in this phase. Project documentation is carried out and a project manager is assigned. Tasks are assigned to different personnel of the organization and their responsibilities are pointed out. If the documentation is approved, the project gets started and moves to the planning phase.
2. Planning:
In this phase of project life cycle, the solutions for the problems identified in the initiation phase are more rigorously developed. The tasks that are to be allocated to different peoples are identified. A strategic plan to achieve the objectives is formulated and a necessary action criterion is well planned. The time frame in which the project should be completed is defined, so that it does not exceed the expected time limit. Cost estimates for different resources like labor, material are identified. By this, the cost factor can be controlled.
3. Execution:
This is the most important phase of the project life cycle where the project manager allots his most of his time. The entire plan which is formulated in the planning phase is kept into action according to the procedure formulated. Control over the execution and communication between various people participating in the project is very crucial, if it is weak, the entire project may come to halt. Regular team meetings are conducted to discuss the progress of the project at regular intervals of time. The expectations and the outcome of the project are measured and if any variance is observed, it is immediately communicated to the manager. The key persons related to the project and stakeholders are to be kept informed about the variances in the project and the changes made to substantiate them. At last, the customer has to be satisfied with the outcome of the project; even some changes are made according to the variations.
4. Closing:
This is the final phase of the project life cycle where the project is completed and transferred to the customer. Training is also provided to the customers, so that it will be hassle free in its operation. Customer will be satisfied when his expectations and the project outcomes are met. All the contracts which are signed by the organization and the customer regarding the project are terminated. A detailed evaluation of the entire project is done and people in the organization learn from the outcomes of the evaluation.
Example
One of the MNC Company got contract for a copper mine in Argentina, South America. The four phases of the
Show More

Related Documents: PROJECT LIFE CYCLE Essay

Project Life Cycle

Project Management MGT/437 University of Phoenix Project Management According to Harold Kerzner (2009), “Project management is the planning, organizing, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives” (Ch.1, para.7). A project is a work assignment that contains multiple parts, or tasks, with each task having clearly defined goals. Projects may be completed by individuals or by…

Words 1097 - Pages 5

Project Life Cycle, Feasibility And Post-Project Life Cycle

Project life cycle, Feasibility & Post project analysis Project Life Cycle as well as Feasibility part and also the Post-Project analysis Since a project ends once its final results (or products) are delivered to the owner, investor, marketer, or user in accordance with the project contract or internal project charter, the quality project life cycle involves Associate in nursing finish once the project close-out part is complete. the merchandise life cycle begins at the…

Words 990 - Pages 4

Project Life Cycle

1. PROJECT LIFECYCLE 1.1 Introduction Project Lifecycle is a simple planning on how to achieve project goals and objective. It has four phases as shown below in Figure 1-1. Figure 1-1 1.2 Project Lifecycle Phase 1.2.1 Initiating Phase Initiating Phase is a starting up project, which involves documentation, a business case, feasibility study, terms of reference, appointing the team and setting up as Project Office. Need and Requirement The main scope of this project is 3 storey extension building…

Words 487 - Pages 2

Project Life cycle Essay

Project management plays an important role in achieving a successful project as it manage the project according the schedule and budget. According to Schwalbe (2011), project life cycle defined as a collection of project phases, development, implementation and close-out. There are five important steps in developing project life cycle namely defining project goal, planning project, executing project, closing project and lastly, evaluating the project (refer to Figure 1 in Appendix). Firstly, project…

Words 1239 - Pages 5

Management Life Cycle Essay

Project Management Life Cycle (PMLC) Section 2 Office of the Senior Associate Vice President for Finance Outline Project Management Life Cycle PMLC Review Phases In Depth Monitoring & Controlling  Planning  Analysis, Design & Development  Testing & Readiness  Post Go Live  Closing Wrap Up Office of the Senior Associate Vice President for Finance Page 2 Process Comparison Project Management Life Cycle Initiating Planning Executing Closing GO LIVE! Idea…

Words 3613 - Pages 15

Procurement Process Essay

acquire the products, services or results needed from outside the project team to perform the work. Project Procurement Management involves not just purchasing products, services or results, but also ensuring that those that are purchased are right for the project, meets standards and is based on project requirements. This life cycle includes tracking from order through deployment and completing with invoice reconciliation. All projects are defined by the purpose, objectives and deliverables. Properly…

Words 1285 - Pages 6

ACC 340 Week 5 Learning Team Assignment Integrate Accounting Paper

Integrated Accounting Cycle Final Report ACC/340 Integrated Accounting Cycle Final Report Integrating accounting cycles into a company’s financial life is important and can determine the success or failure of a company. Accounting cycles need to be incorporated or integrated and properly followed to make sure that data is enter correctly will benefit a company. The following report is the findings that the Learning Team A of the Accounting Information System I Class found when examining the account…

Words 1426 - Pages 6

Sample: Project Management and Development Cycle Essays

Systems Development Life Cycle •The Analysis Phase •Introduction to process modelling What is the System Development Cycle? What is an information system (IS)? Hardware, Hardware,software, software,data, data, people, people,and andprocedures proceduresthat that work worktogether togetherto toproduce produce quality qualityinformation information System—Set System—Setof ofcomponents components that thatinteract interactto toachieve achieve common commongoal goal Businesses Businessesuse usemany…

Words 1095 - Pages 5

Pinto Pm2 Tif Ch07 Essay example

pm Project Management, 2e (Pinto) Chapter 7 Risk Management 7.3 Multiple Choice 1) The difference between projects that fail and those that are ultimately successful has to do with: A) the plans that have been made to deal with problems as they arise. B) the fact that a successful project doesn't encounter problems. C) whether the project is for an internal or external customer. D) whether the problem is time- or budget-related. Answer: A 2) Project risk is highest during the:…

Words 4023 - Pages 17

SDLC Methodologies Essay

SYSTEM DEVELOPMENT LIFE CYCLE WHAT IS THE SYSTEM DEVELOPMENT LIFE CYCLE? • The systems development life cycle (SDLC) is a conceptual model used in project management that describes the stages involved in an information system development project, from an initial feasibility study through maintenance of the completed system. • A software development approach guides the developer through the software development process. DID WE NEED A STRUCTURED APPROACH? • The first development approach came into…

Words 1916 - Pages 8