PROJECT LIFE CYCLE MODELS. data &analytics pptx

The 5 project life cycle phases

The project life cycle outlines the different stages a project goes through from start to finish. It encompasses several key phases, each addressing different needs as the project progresses. This framework offers a high-level view of the project’s evolution, ensuring you hit important milestones along the way. There are typically five project life cycle phases: initiation, planning, execution, monitoring and controlling, and closure.

Initiation is where you define the goals, scope, budget, and timeline. Planning follows, focusing on creating a detailed action plan. Execution then carries out the plans to deliver the product. Once the project begins, you must monitor the project and control for any deviations from the plan. Finally, closure involves wrapping up tasks, obtaining project acceptance, and archiving records.

Even though the names and exact number of phases may differ, most project life cycles follow a similar pattern of planning, execution, and closure. The key is to have a structured approach that helps manage resources, timelines, and deliverables as the project moves from one stage to the next.

Throughout the phases, project managers monitor and control their teams' efforts, tracking progress and adjusting work as needed to keep the project on schedule and within budget.

Initiation phase

The initiation phase marks the beginning of a project, with the project manager defining the scope and objectives. During this phase, it’s vital to align stakeholders on common goals and lay the foundation for a successful project.

Next, the project manager creates a project charter, outlining the purpose, goals, and scope of the project. This charter includes the following key information:

Project purpose and justification
Main objectives and deliverables
Key stakeholders and team members
Initial schedule and budget estimates

The project manager also conducts a feasibility assessment to determine if the project is realistic and worthwhile.

Planning phase

During the planning phase, the project manager develops a detailed project plan and roadmap. This involves determining key scheduling details, resource allocation, and risks that could impact the project. The goal is to create a comprehensive map of how the team will execute the work.

Jira Product Discovery (JPD) helps gather and organize product ideas, features, and solutions, creating custom, up-to-date roadmaps that show which features the team will build, when, and why. JPD helps project managers identify and prioritize ideas or features that will have the most substantial impact on the project's success.

Execution phase

During the execution phase, the team puts the project plan into action. The project manager plays a key role in coordinating resources, including people, tools, and materials, while also ensuring the team is well-informed about their individual tasks and timelines.

1. PROJECT LIFE CYCLE MODELS

2. Life cycle model There are different types of project life cycles, teams can make use of depending on the type of project they’re working on. A project life cycle decides the way the project will deliver the deliverable. To put it simply, a project life cycle is the project progression through each step from beginning to end. The number of cycles of stages and their order may fluctuate based on the organization and the type of project. T he PM & team should have clear understanding of these phases

3. INCREMENTAL MODEL The Incremental model is much better equipped to handle change. Each incremental functionality is verified by the customer and hence the relative risk in managing large and complex projects is substantially reduced. On the downside, there is a possibility of gold plating, wherein the functionalities not really required end up being built into the Product or Deliverable.

4. ITERATIVE MODEL The iterative life cycle also consists of the MULTIPLE project phases, but there’s no linear progression. Each stage in the cycle is performed as many times as needed. For instance, a project team may move between the IMPLEMETATION and DEPLOYMENT phases multiple times before moving on to closure.  This life cycle is ideal when the project scope is unclear, but the customer still wants the best solution. Customer feedback is received at the end of each phase and informs the next stage, so planning continuously happens throughout the project’s life.