Question

Q16

Explain briefly what you understand by the project life cycle. [3 Marks]

Answer 1

A Project Life Cycle is a framework to represent the entirety of a project from start to the end. It is the four-step process followed by any project manager. The four subprocesses are the project initiation, project planning, project execution, and finally project closure. Each phase has its own significance in the life cycle and the four phases are interdependent of each other. For example, good execution will require robust planning and so on.

The initiation phase, also known as the conceptualization phase, is aimed at finding the problem to be solved and to answer the questions such as how the project will solve the problem, what are the specific objectives, and whether proper resources exist for the execution. The planning phase requires the project managers to define the purpose, vision, or mission of the project, to develop the measurable objectives or success criteria. it involves listing out the high-level description of the project, requirements, and risks along with the baseline schedule and budget. In the execution phase, resources are being tracked so that the budget and timeline developed in the planning phase can be best followed. Change management and project communication remain the effective tools for the project managers to remove the impediments to success in this phase. Finally, the closure phase is aimed at the smooth release of resources, learning from the mistakes, and documentation of the project.

The Project Life Cycle is the standard process by which project teams accomplish project success. Lesser identified but growing in popularity, the Professional Services Life Cycle reduces the difficulty of the standard Project Life Cycle not fit ting every type of project needs. These professional services require a unique project life cycle that involves a recurring feedback loop to ensure project success.