Project Life Cycle

A project is executed in different phases from its launch to completion. Different types of work are performed at different phases of the project. Each phase of the project is interrelated. Project phases are performed in a logical order. And the logical order of project phases is called project life cycle. When one phase of the project cycle is completed, the next phase begins.

Again, most projects follow roughly the same phases from its launch to completion. Different individuals and organizations describe the project cycle based on their own perspective. But any project life cycle has basic 4 phases. Considering the different types of project life cycle, Adam mentions that there are 4 basic phases of the project life cycle which are applied to all projects and is the general model of a project’s life cycle. A description of the project life cycle is presented below.

1. Conceptualization: Conceptualization is the first phase or initial step of a project. In this phase, the primary goal of a project is determined. And according to that determined goal, it is specified by checking the technical feasibility. The first phase of the project involves defining the scope of work, identifying the required resources (people, money, equipment) and mobilizing the stakeholders of the project.

2. Planning: Planning is the second phase of a project where all the tasks are specified, listed, indexed and the work package is broken down into smaller parts assigning responsibilities to each and outlining the completion of the project.

3. Execution: At this phase of a project, the actual work is carried out as per the plan. Management is developed or products are created in this phase. Most of the project work is performed during the execution phase or implementation phase. At this phase, the maximum work effort of the project is carried out. Project staff make maximum use of inputs at the execution phase. As a result, the cost of the project increases rapidly.

4. Termination: Termination is the last phase of a project. All work of a project are completed and handed over to the entrepreneur or buyer. As a result, the project is terminated. Besides, the unutilized funds or resources of the project are deployed in some other new project. Finally, the project is handed over to the owner and its completion is officially announced.

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Image Source: Systems development life cycle, wikipedia.org

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