What is the project life cycle?
The project life cycle is the framework that defines the phases a project goes through from initiation to completion. It provides a structured approach to managing and delivering projects successfully.
Phases of the Project Life Cycle
1. Initiation
This phase focuses on defining the project’s purpose and feasibility.
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Key Activities:
- Identify project goals, objectives, and stakeholders.
- Create a project charter or proposal.
- Assess feasibility, risks, and high-level requirements.
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Deliverables:
- Project charter
- Initial risk assessment
- Stakeholder approval to proceed
2. Planning
Detailed planning is done to outline how the project will be executed, monitored, and controlled.
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Key Activities:
- Define the project scope and deliverables.
- Develop a project schedule, including milestones and deadlines.
- Allocate resources (people, budget, tools).
- Identify risks and create mitigation plans.
- Establish communication and reporting plans.
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Deliverables:
- Project management plan
- Work breakdown structure (WBS)
- Risk management plan
- Budget and resource allocation
3. Execution
This phase involves carrying out the project plan and delivering the work.
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Key Activities:
- Assign and coordinate tasks among team members.
- Manage resources and track progress.
- Communicate with stakeholders and resolve issues.
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Deliverables:
- Completed project deliverables (e.g., software, report, product)
- Regular progress updates
4. Monitoring and Controlling
This phase runs alongside execution to ensure the project stays on track.
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Key Activities:
- Track project performance against the plan.
- Measure progress using KPIs and metrics.
- Address risks, issues, and changes promptly.
- Ensure quality standards are met.
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Deliverables:
- Status reports
- Change requests (if applicable)
- Updated project plans
5. Closure
The project is finalized, and all deliverables are handed over.
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Key Activities:
- Conduct a final review of deliverables.
- Release resources (team members, budget, tools).
- Document lessons learned and archive project documentation.
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Deliverables:
- Final project report
- Lessons learned document
- Approval and acceptance from stakeholders
Benefits of Following a Project Life Cycle
- Clarity: Provides a structured roadmap for completing projects.
- Control: Helps manage scope, time, cost, and risks effectively.
- Quality Assurance: Ensures deliverables meet stakeholder expectations.
- Learning: Enables continuous improvement through documentation and review.
By following the project life cycle, you ensure each phase builds on the previous one, resulting in a well-managed and successful project.
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