Project Life Cycle

In: Business and Management

Submitted By hhyltonjr
Words 391
Pages 2
The Project Life Cycle

The undertaking of a project by an organization can be a tremendous feat for those who are tasked with managing and part-taking in getting the project off the ground, and seeing it to the finish line. But before the project life cycle is discussed, we first have to understand what is defined as a project, its characteristics, and how a project manager reaches to the point of establishing a system that assists them in identifying the progression through the different stages of the project. A project is typically defined as an undertaking that is of a complex nature that is non-routine, a one-time effort and is limited by time, budget constraints, resources, and performance specifications designs to meet the specific needs of the final recipient (Grey & Larson, 2006). A project in its established characteristics possesses a defined life span with a beginning and end date, an established objective, specific time, cost, and performance requirement as mentioned earlier. A project also involves several departments and professionals, and most importantly, doing something that has never been done before. From the characteristics of a project mentioned above, a project life cycle fits with the defined life span of the project and the milestones that needs to be accomplished at different stages while the project is in progress. The project life cycle consists of four different stages which includes the defining or initiation phase, the planning phase, the execution phase, and finally the closure phase. Through these four stages, the project kicks off, starting out slowly in the first stage, increase to a high peak as it is in full swing, and then declines as the project comes to a close. These different stages will be discussed in further detail and a visual demonstration will also be given. The first stage of the project life cycle…...

Similar Documents

The Product Life Cycle and Customer Life Cycle

...The Product Life Cycle A product's life cycle (PLC) can be divided into several stages characterized by the revenue generated by the product. If a curve is drawn showing product revenue over time, it may take one of many different shapes, an example of which is shown below: Product Life Cycle Curve The life cycle concept may apply to a brand or to a category of product. Its duration may be as short as a few months for a fad item or a century or more for product categories such as the gasoline-powered automobile. Product development is the incubation stage of the product life cycle. There are no sales and the firm prepares to introduce the product. As the product progresses through its life cycle, changes in the marketing mix usually are required in order to adjust to the evolving challenges and opportunities. Introduction Stage When the product is introduced, sales will be low until customers become aware of the product and its benefits. Some firms may announce their product before it is introduced, but such announcements also alert competitors and remove the element of surprise. Advertising costs typically are high during this stage in order to rapidly increase customer awareness of the product and to target the early adopters. During the introductory stage the firm is likely to incur additional costs associated with the initial distribution of the product. These higher costs coupled with a low sales volume usually make the introduction stage a period of negative......

Words: 2583 - Pages: 11

Project Life Cycle

...[10 points] a. Activity A (800 - 300)/ (7 – 3) = 500/4 = $125 b. Activity B (350 - 250)/ (3 -1) = 150/2 = $75 c. Activity C (900 - 400) / (6-4) = 500 / 2 = $250 d. Activity D (500 – 200) (3-2) = 300 / 1 = $300 e. Activity E (550 - $300) = (2 -1) $250/ 1 = $250 b) Which activities should be crashed to meet a project deadline of 10 days at minimum cost? What is the cost impact of crashing these activities? [3 points] f. Activity B and E for one day which equals a cost of $300. c) Find the new budget (or cost of the project). [2 points] g. $800 + $350 + $900 + $500 + $550 = 3100 PROBLEM 2 Use the network diagram below and the additional information provided to answer the corresponding questions. [13 points] a) The crash cost per day per activity. [10 points] a. Activity A (800 – 300) / ( 5 – 3) = 500/2 = $250 b. Activity B (350 – 250) / (3 -1) = 100 / 1 = $100 c. Activity C (900 – 400) / (6 – 4) = 500 /2 = $250 d. Activity D ( 500 – 200) / ( 5 – 2) = 300 / 3 = $100 b) Which activities should be crashed to meet a project deadline of 13 days at minimum cost? What is the cost impact of crashing these activities? [3 points] e. Activity B and D which for 2 days which equates to $200 PROBLEM 3 [8 points] Month | ACWP | BCWS | BCWP | 22 | $540 | $523 | $535 | a) Calculate the CV (Cost Variance). [2 points] a. CV = BCWP – ACWP = 535 – 540......

Words: 575 - Pages: 3

Management Life Cycle

...The meaning of life (cycle) What is an asset lifespan? What do we mean when we say “life cycle”, and “whole life planning”? John Woodhouse, Chair of the Experts Panel for the IAM, has been addressing these issues in his role as representative for the UK on the ISO PC251 development of asset management standards (ISO 55000 family). Here, he outlines the issues and some of the options being considered. recognition of need through to disposal and any residual risks or liability period thereafter (“from lust to dust” – see figure 1). This proved a good catalyst towards “long-termism” and better consideration of asset requirements in the first place. And it certainly has helped to break down barriers between engineering design and projects, procurement, operations or asset usage, maintenance or asset care, and renewals or decommissioning. But what is optimal “life cycle asset management” for the assets that pass from one organisation to another – for example, buying and selling (see Figure 2 on page 10). Or, indeed, for which responsibility might be split, either functionally (such as construction T here is plenty of lively debate underway about the appropriate terminology and scope for such things as asset life cycles, whole lives and life cycle activities. At the simplest level, the principles are clear: for a discrete component – with a creation stage and a period of usage, leading to ultimate disposal – we have no problem with the concept of a life cycle. It becomes......

Words: 1561 - Pages: 7

Life Cycle

...System Development Life Cycle This paper will begin with discussing the development of a custom application and the selection of proprietary systems. The system development life cycle has evolved over the years in response to changing scenarios and pattern shifts pertaining to the building or the inquiring of new software. The Life-Cycle has also gone through iterations of different names and a number of different steps (McMurtrey, 2013). The SDLC has been called one of the two dominant system development used today, along with prototyping (Piccoli, 2012). Many SDLC frameworks exist; however, most have four general stages which are planning and analysis, design, implementation, and support and evaluation (Wager & Lee, 2006). Each stage has tasks that need to be performed. The main focus of planning and analysis is the healthcare organizations strategy. Problems are identified and selected as opportunities for business improvement. Within this stage, the organization will determine whether a new system is needed and is the business financially able to invest in the development of this new system. If the business determines that the system is needed, it will need to determine the users of the system need and requirements. The business should get a system that will specifically help meet the goals of the company. The second stage is the design stage where the business considers all options ( (Wager, 2009). In this stage, alternative solutions to different problems are...

Words: 369 - Pages: 2

System Development Life Cycle

...System Development Life Cycle (SDLC) SDLC is a set of activities which are perform by analyst and developer to create the system for software. SDLC is a conceptual model used in project management that describes the stages involved in information system development project from a preliminary study through maintenance of the complete application. SDLC follows six steps-: 1 Preliminary study 2 Determination of system requirement 3 System design 4 Software development 5 System testing 6 Implementation & Maintenance 1 Preliminary study -: Preliminary investigation is the first step in the system development life cycle. The preliminary investigation is a way of handling the user’s request to change, improve or enhance an existing system. The objective is to determine, whether the request is valid and feasible before any recommendation is made to do nothing, improve or modify the existing system, or build altogether a new one. Preliminary study divided into following 3 categories – A. Request Analysis B. Feasibility study C. Request Approval Request Analysis:- In this category, the users need is clearlyIdentify. Analyst identifies that what are the requirements of the user. Feasibility study:- The aim of the feasibility study is to access alternative systems and to propose the most feasible and desirable system for development. Thus, feasibility study provides an overview of the problem and acts as an important checkpoint that should be completed before committing......

Words: 3076 - Pages: 13

System Development Life Cycle

...Systems Development Life Cycle The systems development life cycle (SDLC) is the overall process for developing information systems from planning and analysis through implementation and maintenance. The SDLC is the foundation for all systems development methodologies and there are literally hundreds of different activities associated with each phase in the SDLC. Typical activities include determining budgets, gathering system requirements, and writing detailed user documentation. The activities performed during each systems development project will vary. The SDLC begins with a business need, followed by an assessment of the functions a system must have to satisfy the need, and ends when the benefits of the system no longer outweigh its maintenance costs. This is why it is referred to as a ‘lifecycle’. The SDLC is comprised of seven distinct phases: planning, analysis, design, development, testing, implementation, and maintenance. This section takes a detailed look at a few of the more common activities performed during the phases of the systems development life cycle along with common issues facing software development projects (see Figure D.1 and Figure D.2 ). Phase 1: Planning The planning phase involves establishing a high-level plan of the intended project and determining project goals. Planning is the first and most critical phase of any systems development effort an organization undertakes, regardless of whether the effort is to develop a system......

Words: 1437 - Pages: 6

Life Cycle Costing

...1.0 Life cycle costing (LCC) 1.1 Definition Life cycle costing is a cost management approach which includes all costs and ensures that all those costs are managed over the life cycle of the product. Product life cycle begins from conception of the product until its abandonment which can be referred as ‘from cradle to grave‘. Product life cycle has four stages: 1) Product planning and initial concept design It involves process of identifying any underlying conditions, assumption, limitations and constraints such as minimum asset performance, maximum capital costs that might restrict the range of acceptable options to be evaluated. It is a valuable reference for better decision whether the plan should be carried on. This includes the research and development cost market research costs. 2) Product design and development Starting from preparation of development contract until equipment is ready to be introduced to the business. It is also a stage where the factory trials take place. Cost of product design, prototyping, and market testing costs. 3) Production All the manufacturing costs related to producing the products such as direct material, labor, overhead and administrative costs will be incurred. 4) Distribution and customer (or logistical) support This stage is where product are sent to customers and ready to be used. All marketing, selling and distribution costs are incurred at this stage. As for logical support cost, it involves delivery and......

Words: 2824 - Pages: 12

Product Life Cycle

...1. Five (5) phases of SDLC that the business organization must go through in order to develop the new system. Provide an illustration to show the Waterfall model of System Development Life Cycle (SDLC). SYSTEM PLANNING SYSTEM ANALYSIS SYSTEM DESIGN SYSTEM CONSTRUCTION AND IMPLEMENTATION SYSTEM MAINTENANCE Diagram: System development life cycle Waterfall Model System Development Life Cycle is used to organize activities needed to build a system to assist management by providing reports on project status and keeping track of resource needed. It assumes that all activities are performed in a strict sequence. One phase must be completed before the next activity can be carried out and that no phase is to be repeated. However, the linear systems development life cycle is subjected to a number of critics which are the real information systems project rarely follow such a simple sequential cycle. Phases may be overlapped and activities may have to be repeated. Alterations are needed as inadequacies in the analysis phase mat become evident only during the design, construction or implementation phase. A great amount of time may have elapsed between the preliminary investigation and the final implementation. Also, the new technology existence may not be possible to incorporate new technology without redoing the analysis and design work already completed. System planning Information system strategic planning is a set of long-term goals that describe the information......

Words: 6561 - Pages: 27

Outlining the Stages of the Project Life Cycle

...The outline of the stages of the project life cycle for a selected project – Product launch Introduction In this document I will be outlining the four stages of the project life cycle for a selected project, in this case a product launch. I will also be identifying the importance and purpose of holding an event which can be related to any sort of event as long as it involves people and a project. Purpose of the Event The purpose of the event is a very crucial in regards to holding a successful event. The purpose of the event is related to the nature of the event since it illustrates the reason for the event. In this case, an event centred round the launching of a new product would solely be solely based on just that. Most events are held to raise money or awareness of a new product line. Some events could be to raise money for charity and could also improve customer service. There are various purposes for events, these include the following: * Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries) * Education (conferences, meetings, graduations) * Promotions (product launches, political rallies, fashion shows) * Commemorations (memorials, civic events) Planning Planning is the first stage of the project life cycle, this is because you cannot say you want to hold an event and do nothing about it, or expect everything to come to fruition just by doing nothing whatsoever. One has to plan for an event way ahead of the event date to......

Words: 1237 - Pages: 5

The Project Management Life Cycles

...The Project Management Life Cycles The Project Management Life Cycles It doesn't matter what project you are preparing for, the project management life cycle can assist you and your team in narrowing the project's focus, keeping its objectives in order and finishing the project on time, on budget and with a minimum of headaches. The project management life cycle contains five steps: Initiation, Planning, Execution, Monitoring/Control and Closure. No one step is more important than the other and each step plays a crucial role in getting you started, through all the hurdles, down to the wire and across the closing line. The five process groups are: Initiating, Planning, Executing, Monitoring & Controlling, and Closing. We'll start with Initiation; Initiation: In this first step you provide an overview of the project in addition to the strategy your planning on using in order to achieve the desired results. During the Initiation phase you’ll develop the Project Charter, Identify Stakeholders, appoint a project manager and based on his or her experience and skills, he/she will select the required team members. The processes performed to define a new project or a new phase of an existing project Planning: This second step is extremely important, it should include a detailed breakdown and assignment of each task of your project from beginning to end. The Planning Phase will also include a risk assessment, the scope of the project, refine the objectives and define......

Words: 592 - Pages: 3

Life Cycle Costing

...INTRODUCTION Life cycle costing is an alternative approach to cost management which accumulates and manages cost over a product’s lie cycle (Adamany & Gonsalves, 1994; Artto, 1994; Susman, 1989). There are two important aspects to life cycle costing which is the focus on the product cost and the inclusion of upstream and downstream costs. Upstream cost is incurred when company prepares to start its production process. These upstream costs can range from raw materials to research and development to product design. Upstream costs can have a significant impact on the efficiency and profitability of the production process. If raw materials are too expensive or if the design of a new product takes too long, the upstream costs can limit a company's potential profits before a single unit becomes available for sale. While downstream cost is incurred after a company has completed its production process, it must still get that product to its customers. The process involved in delivering those products to the customers is the source of the company's downstream costs. These downstream costs can range from distribution expenses to marketing plans to sales channels. Downstream costs also act as a determining factor in the company's profitability. If distribution costs are too high or sales efforts are ineffective, the downstream costs will eat away at expected revenues. The product life cycle is most frequently understood to mean the life cycle of a particular product on the market...

Words: 1979 - Pages: 8

Project Life Cycle

...Project Life Cycle The four sequential major time periods through which any project passes, namely: 1. Concept 2. Definition 3. Execution (implementation or development) 4. Finishing (commissioning or close out). Each period may be identified as a Phase and further broken down into stages that typically reflect the area of project management application and the size and complexity of the specific project. [D01432] A collection of project phases whose name and number are determined by the control needs of the organization or organizations involved in the project. [D01428] The complete set of time periods through which a project passes sequentially in a logical and orderly manner. In its simplest form the life cycle consists of four major periods: 1. Concept (where the project concept as a need solution is selected and defined) 2. Development or Definition (where the concept is verified and developed into a workable plan for implementation) 3. Implementation (where the implementation plan is carried out); and 4. Closeout (where the project process is completed and documented, and the finished product is transferred to the care, custody and control of the owner.) Progress through the project life cycle is identified by ‘milestones’, but these major periods should be separated by ‘Control Gates’ or ‘Executive Control Points’. [D01429] The four sequential phases in time through which any project passes, namely: Concept; Definition (or......

Words: 479 - Pages: 2

Cycle of Life

...Life Cycle A product life cycle is a cycle that all products go through from introduction through demise and possible rebirth. There are five stages to the product life cycle: embryo, growth, maturity, decline, and although rare, rebirth. Each of the five stages is a mixture of product, pricing, distribution and promotion. The embryo stage aka introduction stage of the product life cycle is where a new product is launched into market. During this stage there is heavy marketing, product promotion, limited supply and sales are slow and difficult. Manufactures spend a lot to “educate” the public. In this stage the goal is to let people know of the new product and not primarily to make money. Electric cars and hybrids are definitely innovative and appealing. Consumers could not have known that gas was not the only way to fuel your car. Pass or play. Introduction was a success. In the growth stage, the market has accepted the product. Marketing efforts have boosted sales beyond original target market, therefore brand loyalty starts to build and sales increase, as do costs, including staffing. The good news is that profits increase because greater quantities are produced, lowering the cost per unit. The downside is current manufacturing facilities and equipment may not be able to keep up with demand. The Amazon kindle is currently in the growth stage. The idea of having hand-held technology larger than a smart phone but smaller than a full-sized tablet is new. ...

Words: 696 - Pages: 3

Systems Development Life Cycle

...System Development Life cycle (SDLC) is a model which is used in a project management that involves and describes the stages which are used in information system development project. This life cycle is very useful for the implementation of system development project. The system is a set of components that interact to achieve common goals. It is widely used method of software development and acquisition in information technology area. Various enterprises used this system to achieve a common goal by working together in a proper and systematic way which is useful for achieving the resources and goal. There are various phases which are involved in the process of systematic development life cycle i.e. Planning, Analyzing, designing, supportive and implementation (Joanne Curry, 2007). Planning help us to review the project request, allocate resources and identify project development team. Analyzing is done to conduct preliminary investigations, Designing is done to acquire hardware and software and develop details of systems. Supporting is done to identify errors and monitor system performance and Implementation is a final stage which develops programs and install and convert it into new system. This phase says about its usage in various different enterprises and institutions (Angela Bonin, 2012). The use of System Development Life Cycle in health care institution involves various principal component of a regional hospital care facility. It is much standardised project of......

Words: 1171 - Pages: 5

Life Cycle

...Chapter 2 Exercise 3 The software development life cycle (SDLC) is the entire process of formal, logical steps taken to develop a software product. Within the broader context of Application Lifecycle Management (ALM), the SDLC is basically the part of process in which coding/programming is applied to the problem being solved by the existing or planned application. The SDLC is broken down into six stages; project planning, requirements definition, design, development, integration/test, and application/acceptance (megamikejr.com). The first stage is the planning stage in which you create a software product that is extracting the requirements or requirements analysis. The stages generally align with the phases of project management lifecycle; however SDLC phases do no correspond one-to-one with project management phases. Project management deliverables such as the Project Scope Statement, Project Schedule, and budget estimates are refined to reflect increasing clarity of scope and requirements with each iteration. Agile methods have proven their effectiveness and are transforming the software industry. As agile methods evolve and extend, Agile Alliance fosters a community where organizations and individuals find ways to transit Agile Alliance website offers an information hub where members can access a wide variety of resources; an article library, videos, presentations, local user group listings and links to additional agile resources. Agile Alliance organizes the......

Words: 991 - Pages: 4