The Four Phases of the Project Life Cycle
The four phases of the project life cycle are distinctive from each other. Each one has its own important place in this methodological approach to taking a business opportunity from an idea to a profitable venture.
To begin a business venture with the project life cycle approach, you must first enter the initiation phase. This is where the idea of a business opportunity is decided. An idea has to be thought about, along with its feasibility of creating revenue stream. This requires the target audience to be identified, along with the desire for the deliverable to be exposed.
The next phase in the project life cycle is the planning phase. This is where the project management templates and other tools are used for the creation of the required documents. Everything that will be used in the creation of your deliverable has to be recorded, planned on how and when it is to be used, and then acquired. There are nine different processes in this planning process that must be documented and reviewed for accuracy and detail, so the next phase can run like a well oiled machine. This is also the phase you make preparations for the unexpected, like the risk and issues that your business opportunity might encounter. The right preparation for all the required details is how to help ensure your project has the best chances for success.
The execution phase of your project life cycle is where the actual physical manifestation of your business opportunity takes shape. This is also where the detailed planning for your project really pays off. The better you planned for this phase, the fewer problem, questions and issues that will arise during the construction of your deliverable.
The last phase of your project life cycle is where you pull the entire project together. This is called the conclusion phase. All of the data from the monitoring systems has to be compiled and placed into the appropriate reports. This allows for an easier entry into the many different regions of the global market place you have targets. With today’s business world, following of international standards and having the documentation to prove it is required.