Project Lifecycle in Business
A project lifecycle at your business can take several paths. This is just like the name calls it; a cyclic pattern that a project can circulate until a deliverable is created that meets the projects objectives.
The project lifecycle is the chosen path for many manufacturers when there is some doubt or the deliverable is in a new area of business. Unlike the waterfall methodology that runs in a start line downhill not allowing for further development of the item being produced, the project life cycle does.
While every deliverable that goes thru a project lifecycle does not always need to be further developed, the possibility does exist. This path is a way of recovering a product instead of just having to start from scratch again.
A project lifecycle has 4 main areas, the initiation, planning, execution and them conclusion. Each of these phases plays an important role in the development and process of delivering an item to a customer.
The initiation phase of a project lifecycle is the only place where a project might be scraped. This is because for a project to move forward there must be a need for it and a profit must be capable of being made. This is determined with a feasibility study on the item. If the target audience does not like the product for reasons of quality, price or function, the project should not proceed. There are times the target audience can be changed, but for the project to proceed there must be a large enough target audience to make creating the deliverable economically feasible for the business.
Once the feasibility study comes back with positive results the planning phase of the project can commence. This phase of the project lifecycle is very important. The better the project is planned with all conceivable concerns, issues and risks taken into account, the better chances of the project being a success.
Every phase in a project lifecycle is important, but the first two is the foundation for which the rest will rely on. Just like a building, without a good foundation, the building will eventually fall. the same goes with a project.