Project Life Cycle of Project Planning
A project life cycle is the logical path or sequence of events taken by a team or individual to fulfill the goals of any specific project that is to be undertaken. The first step on this path is the initiation of the project. This is where the projects goals and concepts are conceived, defined, and documented. In most cases, a report is then submitted to upper management once this is accomplished, for approval and the green light to proceed to the next phase of the project.
The second step in a project life cycle is the planning stage. This is where the details of the project are discussed. Each step of the project has to be detailed and defined. The risk analysis should be completed to make sure the project is economically feasible and that when completed, will produce a revenue stream for the sponsor company. Another section off this phase is the resource allocation that has to be determined, along with who or what crew is going to complete each necessary task so the project can reach the end goal of closure. The time line or scheduling is a crucial step in the phase that might not be finalized, but a rough draft should be in place so the next step can start.
The execution of the project life cycle is where the project actually gets underway. This is where the scheduling is finalized and the crews start to work on the different components of the project. A quality assessment of the project is essential when in production to ensure the final product is of the necessary standards that will be beneficial to the business to produce a revenue stream. In this step, the project manager must be vigilant to keep the resources flowing in on time, and handle all issues that arise to keep the project moving. This helps to prevent time delays and cost overruns.
The final state of a project life cycle is the closure or completion of the project. This is where the project manager checks to make sure every step has been properly completed and assembled so the formal acceptance of the final product can occur. The final product then has to be checked against the goals and concepts conceived in the first step to make sure they were all achieved properly.
This is how a project life cycle works if properly followed.