A Project Lifecycle
The use of a project lifecycle is more than just a methodology that is used to guide a project through its lifespan, but a complete way of conducting the business processes involved within a project for a positive outcome. This project life cycle has four main components to it that cover all the necessities of the project.
Like with all things, the project lifecycle has a beginning which is identified as the initiation phase of the project. This is where the preparatory processes are conducted to help make sure this is a viable business opportunity that should be translated into action.
The different processes that must be done at this stage of a project lifecycle include the actual creation of the idea behind the deliverable. Then, there must be a feasibility study to help make sure there is demand in the market place for such an item. In the feasibility study, many different target audiences must be investigated so the widest possible spread of possible revenue streams can be explored.
After all the supporting documents and data are collected in the initiation phase of the project lifecycle, the next phase can commence. This is the planning stage of the project. This is the stage when the project management templates have the greatest impact on the creation of all the necessary documentation that is required to take place.
The quick and efficient manner in which this phase can be executed in its preparation of the plans contributes to the management tools used and the discipline of the project manager or the project team that is assigned to this task. This is the phase that determines just how fast the production of the deliverable will commence. The need for completeness, along with speed, is a factor on beating the competition to the market place with a viable deliverable when one is present.
The project lifecycle is a successful approach a business can use to bring an idea to life through its creation in production. Each phase plays an important part of the overall picture in each deliverable’s creation before it can be brought to market.