Life Cycle Management

The project life cycle definition is the systematic logical sequences undertaken to accomplish the aims and objectives of the project. The project is grouped into phases to allow the project manager and team to plan, manage and allocate resource in appropriate accordance with each stage. The project life cycle methodology used for the project can vary from industry to industry depending on the sector requirements. The classification of the range of activities and initiatives that comprise the project life cycle are grouped under each phase, namely: the introduction stage, planning stage, implementation (execution) stage and finalization (completion) stage.

The initiation stage comprises the activities to compile the necessary feasibility studies to establish the requirements that will constitute the business case. This includes defining the project and establishing the project life cycle framework. The project charter provides the documentation to establish the project guidelines. At this stage, resource requirements are estimated, the project team personnel quantified and the project office setup to allow the execution of the project. A project manager is appointed to oversee and execute the project plan and to oversee the project management life cycle.

The planning stage of the project life cycle scopes and bounds the resource requirements, risk assessment, quality assurance, procurement and communications aspects of the project. Formal documentation is created to detail and outline the functions and requirements for each of these aspects. During this phase, the stakeholders are defined and reporting channels established for the governance and communication of project objectives. This includes the introduction of the key reporting variables and milestone guidelines to be used for each stage of the project implementation and to establish the deliverables for team members.

The implementation stage of the project life cycle is the call to action to bring the project to fruition. This involves following the project charter and the project documentation to execute each aspect of the plan. If the project involves the creation of a product or service, the design is established according to the defining requirements. The resources for each contributing stage are engaged to facilitate the goals and objectives of the project plan. This can include testing, feedback and iterative refinement to bring the project closer to the initial defining objectives. Activities are benchmarked against key performance indicators and milestones are reviewed and quality controlled.

The finalization or closure stage of the project life cycle is where the project is bought to formal completion. This can include a project review to sign off the delivery of the project to the client, a review of staff members, the procurement of critical feedback for future reference and the disbanding of resource and team members.

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