Question

Question One

Explain the difference between project life cycle and product life cycle?

Question Two

Alpha Project Managers believe that “Spending more time on planning should pay off in execution” Illustrates your answer with a daily life example?

Question Three

SWOT analysis—analyzing Strengths, Weaknesses, Opportunities, and Threats—which is one tool used in strategic planning. Suppose, a group of people wants to start a new business in the film industry to identify potential projects. You are required to perform SWOT analysis using presentation software such as Microsoft PowerPoint, or by using mind mapping software.

Question Four

Good project integration management is critical in providing stakeholder satisfaction. What will happen when a project manager does not communicate well with all stakeholders?

Answer 1

Answer for Question One :

Firstly here is the brief explanation about both Project life cycle and Product life cycle.

Project life cycle

A project life cycle measures the work that goes into a project from beginning to end. The phases in product life cycle are initiation, planning, execution, and closure. During initiation, a business case and goals are created, and resources are assigned. During planning, the team researches solutions to reach the project goals and creates a plan and timeline to complete the project. Execution involves following each step on the project plan and adjusting as necessary along the way. Finally, in the closure phase, the project's final details are wrapped up and deliverable items like final reports are given to the appropriate parties.

Product life cycle

The product life cycle represents the amount of revenue a product generates over time, from its inception to the point where it is discontinued. The five stages of a product's life are development, introduction, growth, maturity, and decline. In the development stage, the product isn't yet being sold, so there is no revenue. During introduction, sales are small as people begin to try the product. Sales will increase during the growth phase, peak during maturity, and eventually decline as the market shifts or better alternatives become available. There is no set time span for a given stage; the entire cycle may last only months, or a product like the refrigerator may remain in the maturity phase for decades.

The differences between Project life cycle and Product life cycle are explained below

A product life cycle is a conceptual map of where a product's sales are and where they may be headed. However, it has no comment on what to do with the product. If a company believes its product is entering the decline phase, it will probably create a plan to either rejuvenate the product or cease production, but that is not inherent in the product life cycle. By contrast, a project life cycle is all about action. A project life cycle maps out the steps needed to complete a project with specific targeted results.

Remember that the product life cycle concept has limitations. Not every product follows a smooth, predictable bell curve from introduction to decline. A product may appear to be in the decline phase and enjoy a return to the maturity phase due to a competitor exiting the market or a successful project rejuvenation strategy. With regards to project life cycle management, things tend to be much more clearly defined, but watch out for "scope creep." This is the tendency for projects to continually grow in breadth to the point where they never actually get completed