The specific definition of what a project lifecycle is can be easily defined. A very basic way of defining it is the time from the inception of a project until it is completed. There are different phases it will go through that include the planning, design, scheduling, quality checks, and monitoring of said project. Unless the project is very small and does not entail too much, most projects require a more detailed plan than this basic model.
A very crucial step in the life cycle of a project is its initiation or its inception. Without a project being properly planned out with the goals and purposes of the project clearly being defined, the end result cannot be positive.
In this initial step of the project lifecycle, a very important ingredient is the feasibility study. If the target audience does not want it, understand the benefits of it, or cannot afford it, then it will not produce a revenue stream and will be a business failure no matter how great the service or product is. Only after a positive report from the feasibility study should a project move forward into the planning stage.
The next step in the project lifecycle is the documented charter or scope of the project. You already have the idea of what will work, but the details are vague. Now is the time to fill in the details of the project. This is when you need to determine and establish who the project manager and the project team will be so the planning stage can commence.
Most project managers, at this stage of the project lifecycle, introduce their business system that will help guide the project along its different phases. The tools most use are project management templates to assist in scheduling, risk assessment, resource allocation, and quality control systems for checks on the project’s performance, along with the quality of the product itself.
This is only the initial stage of a project lifecycle, but for most, they believe it is the most crucial. Unless you start with a solid plan, the end result can never meet the expectations of the project or the expected revenue stream.