Difference Between Project Phases and Project Life Cycle Phases - Write a Writing
Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project “life cycle.”. project life cycle is divided into project phases as per pmp project life cycle is divided into5 phases initiating planning executing monitor n control closing. Each project life cycle phase is described below, along with the tasks needed to complete it. You can click the links provided, to view more detailed information.
Initiation of The Project As the name suggest, this life cycle phases starts with initiating the project, the initiation of project is then divided into further steps.
You can take a look at all the steps below. First of all, a document is created, this document is created for the purpose of outlining the project the team will be working on. Feasibility reports are created to save the time as they can determine whether or not this project is feasible.Stages of Construction Project - Different Stages of Construction - Er. Raghvendra
Once the project has been deemed feasible, a project manager will be hired, he then will recruit the team needed to complete the project. In the next step, the project manager, along with the team will discuss about the scope of the project. In the scope, the discussion will take place about what needs to be done in the project, how it will be done and why it needs to be done.
In the last, a project charter will be created. The project charter will explain the scope of the project, the success factors of the project, it will also explain who is in charge of the project. Planning of The Project Once the project gets the approval, deadline and the determined scope. The planning of the project begins. Just like the initiation, the planning of the project is also divided in small steps that helps overcome the planning more efficiently.
The first step is to review the scope of the project that was created in the initiation. This step involves breaking down the project into several different milestones, then assigning different team members to work on these milestones.
Before assigning anyone on the milestone, make sure they are suitably skilled for the task you are going to hand them. Now you need to create a power structure, a power structure explains the duties of each individual working on the project.
In the 4th step, the project manager needs to do a resource allocation. In this step, the project manager decides who is responsible for what task, how the total budget of the project will be used, what kind of resources will be required for the project and how is the team going to carefully utilize every resource at hand. Now the project manager will create a schedule. As we know, the project is divided into different milestones.
Project Life Cycle vs Product Life Cycle
Now the time that is required to complete each milestone is decided. The time for team meetings is also decided in this step. In this step, the budget of the project and the tenure to complete the project will be decided. Now, all the risks that can occur in the project execution will be evaluated. Evaluating the risks before hand helps in minimizing the chances of risk.
Project Life Cycle vs Product Life Cycle
Once the requirements are identified, you will develop the project management plan to build the motorcycle and develop the schedule. Then you start the real work of building the motorcycle. Finally, you will hand over this product to your client and the project will be closed. Product Life Cycle The product life cycle starts from the inception of the idea to the point when the product is retired.
The stages of the product life cycle are: Usually, these phases are sequential and do not overlap. The project life cycle can be a part of one or more phases in the product life cycle.
Project Management Life Cycle
In the development stage, you will generate the idea to create the product and the product is created. In the introduction stage, you will start marketing the product and begin selling the product to customers. In the growth stage, the sales increase. In the maturity stage, the product is accepted widely and sales are at their peak. Last is the retirement stage. At this level, you will try to sell out all of your inventory and move on to the next product.
This stage happens due to technical advancement or because your product is not selling enough to support its production cost. Please note that there is no time limitation for any phase. For some products these phases are small and for other phases, duration is too high.
Moreover, a product life cycle can have many project life cycles. For example, the first project life cycle can include the development of the project, and then other project life cycle can be the addition of another function to the product. You can say that, generally, the project life cycle is a subset of the product life cycle because the product life cycle continues to exist even after the project is completed. The first step of this product life cycle can be the idea generation.
This may include a feasibility study, market research, and the business plan. When this phase is complete you can initiate a project to build this bike. Once the motorcycle is built, the project will be complete and the next phase of your product life cycle begins, which is marketing and selling motorcycles to customers.
After selling you may need to provide after-sale support, and then the retirement phase occurs. The retirement phase may include selling motorcycles at a discounted price. Please note that if during the product life cycle you add any new functions to the product, you will create a new project to do so, for example, increasing the engine capacity of the motorcycle to support faster pickup. The Difference between the Project and Product Life Cycle The following are a few differences between the project life cycle and product life cycle: The project life cycle has a definite end while the product life cycle may not.
A product life cycle can have single or multiple projects. The map for the product life cycle is somewhat conceptual and depends on the market condition; on the other hand, projects have predictive and clearly defined roadmaps.