Discuss different phases in project life cycle?

Answer 1

The Project Life Cycle refers to a logical sequence of activities to accomplish the project's goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life.

1) Initiation:- In this first stage, the scope of the project is defined along with the approach to be taken to deliver the desired outputs. The project manager is appointed and in turn, he selects the team members based on their skills and experience.

2) Planning:- The second phase should include a detailed identification and assignment of each task until the end of the project. It should also include a risk analysis and a definition of a criteria for the successful completion of each deliverable. The governance process is defined, stake holders identified and reporting frequency and channels agreed.

3) Execution and controlling:- The most important issue in this phase is to ensure project activities are properly executed and controlled. During the execution phase, the planned solution is implemented to solve the problem specified in the project's requirements. In product and system development, a design resulting in a specific set of product requirements is created. This convergence is measured by prototypes, testing, and reviews. As the execution phase progresses, groups across the organization become more deeply involved in planning for the final testing, production, and support.

4) Closure:- In this last stage, the project manager must ensure that the project is brought to its proper completion. The closure phase is characterized by a written formal project review report containing the following components: a formal acceptance of the final product by the client, Weighted Critical Measurements, rewarding the team, a list of lessons learned, releasing project resources, and a formal project closure notification to higher management.