The Global Project Management Life Cycle
The approach for the global project management life cycle is similar to the one used in the region areas of commerce, but have more input and flexibility. This is needed since there are no two regions of the world that are exactly alike. The main difference can be found in the initiation phase of the life cycle when the feasibility study is conducted. This is the place in the life cycle that adjustments can be easily made to the deliverable so a broader market can be satisfied.
The next place the project management life cycle is prepared for the global market place is in the planning phase. This is where it is documented on just what is to be produced. By knowing the characteristics needed for your deliverable in the different target regions, you can place them in the plans from the beginning. This helps to save time in the next phase by making the proper preparations for it.
It is the execution phase of the project management life cycle that the actual deliverable is created. This is where all of the preparation from the initiation and planning phases come to life. When done correctly, this phase runs very smoothly. This only occurs when all of the questions of just what could go wrong have already been asked and solutions found. This is why it is never wise to attempt and arrive at the execution phase too quickly. By being properly prepared for the execution phase, the deliverable can be made on time and in budget, helping to assure the project will be considered a success.
The last phase of the project management life cycle is the conclusion. This is where all of the investigative work into the preparation of the project along with the execution of the plan as it is written can be seen. You will then have the opportunity to see if your business venture was planned correctly for the global market place.
All phases of the project management life cycle are equally important. If you rush thru one or more of them, it could jeopardize the end goal. This is why it is so important to stay focused while moving thru each of the 4 phases.