What is the Project Life Cycle?
The project life cycle is a simple way to discuss a project’s overall schedule. Every job goes through this set of steps from the beginning to the end.
It has the same five steps as a standard product life cycle: starting, planning, doing, tracking, and ending. Each one is a different part of the work that needs different tools and skills.
The project life cycle is integral to any business project that wants to succeed. It gives projects structure and direction, which makes them easier to run and handle. Teams can better keep track of progress and develop plans to help ensure goals are met when project outputs are broken up into smaller pieces.
Many types of projects can be used with the project life cycle, such as:
- Making software
- Marketing campaigns
- Reengineering business processes
- Building projects
- Launching new products
- Planning events
- Creating corporate training programs
- Improving manufacturing processes
- Research projects
- Updating IT infrastructure
- Managing organizational change
- Public policy initiatives
- Healthcare initiatives
- Building homes
The project life cycle of a company depends on the type of business it is and how it manages projects. For example, an IT expert in charge of an infrastructure upgrade will follow a different set of steps than a project manager in charge of a research project.
No matter how a project team handles its tasks, knowing the project life cycle helps them lower risks and develop sound plans to ensure they succeed.
Synonyms
- Agile project life cycle: A specific project life cycle defined by phased activities and rapid iterations (i.e., Agile project management).
- Project delivery process: The systematic process of delivering a project from conception to completion.
- Project management life cycle: A process of multiple phases through which a project passes to be completed.
- Project scope: The collection of tasks required to complete a project.
The Pros of Looking at the Project Life Cycle
Setting goals and hitting deadlines aren’t the only things that make project management work well. A complete look at the project life cycle helps teams:
Set goals for the project.
The project life cycle framework pushes teams to immediately make a clear, actionable project plan.
It is said that “unclear goals” are the primary reason over 70% of projects fail. The job’s most important part is figuring out the goals early and how the tasks depend on each other.
These goals not only help with planning and carrying out the project but also give us a way to measure how well it did. For example, a software development team might set the initial goal of releasing a new app within six months with specific features that meet known wants in the market.
Throughout the project’s life cycle, this primary goal will guide choices and how the team works together.
Set the project’s goals.
Knowing the project’s scope beforehand helps everyone determine which jobs will be most essential and how resources will be distributed. This makes it easier for teams to plan and change their workloads as needed.
It also makes it easier to handle project risks, like the chance that goals will change or become too lofty over time. Having a clear scope makes expensive shocks less likely to occur later.
Plan your schedules and resources.
A lot of problems can come up during the planning part of a project:
- Deadlines that are too short. Teams often don’t give themselves enough time to finish specific tasks, which can lead to stress and work that isn’t up to par.
- Short-staffed project teams. If not enough people are put on the job, tasks might not get done on time or at all.
- Resources are being used too much. On the other hand, too many resources might be put into the project, which would waste money.
- Wrong order of tasks.
- They are not evaluating risks. If tasks are not put in a reasonable order, teams may have to wait for tasks before they are finished, which can cause delays. Unexpected problems can stop a project if risks are not carefully considered.
Before starting a project, it’s beneficial to know how the project life cycle works to get a good understanding of boundaries.
By splitting the project into separate stages and jobs, project managers can better guess what they need and make a schedule that will work for the actual project.
You can also give each team member clear instructions on how to do their job and leave enough time for each step so that you meet deadlines and don’t waste resources.
Check on the Project’s Progress
The first plan is used as a guide throughout the project life cycle to ensure it stays on track. Teams have trouble telling when things are due or if goals have been met when they don’t have a plan.
Without direction, teams could get lost in the day-to-day details of a project and find it hard to keep an eye on the big picture. If they use a phased implementation method, they might miss essential milestones or not notice if tasks are behind schedule.
Boost communication within the team.
At each step of the life cycle, team members should be told how things are going and give feedback as needed. This helps them see how their work fits into the project’s bigger picture and ensures that resources are used in the best way possible.
Teams can also find problems or changes in the project’s scope before they get out of hand by communicating regularly.
Reduce the risks
Managing risks should be an essential part of all projects. By looking at possible risks during the planning stage, teams can devise ways to lessen or eliminate any threats that could stop progress.
Risks can come from both technology problems and mistakes made by people. Teams can find these problems early and change their plans by communicating and watching regularly. This way, resources are not wasted.
How a project is made up of five stages
There are five clear stages that every good project goes through starting, planning, doing, monitoring, and ending.
Starting up
The first step in the project life cycle is the beginning phase. Here, the project team will write down the project’s goals and scope and the time frame and tools needed to finish it.
Some important things to do in the initiation part are:
- Figuring out what the project needs. To do this, you must know what problem or chance the project will solve. It could include stakeholder interviews, a market study, or a thorough look at how the business works.
- They are setting goals for the project. Once the team knows the need, they set SMART goals that are clear, measurable, attainable, and relevant, and they have a due date. These goals should be in line with the organization’s overall goals.
- It sets the scope of the job. The plan spells out what the project will and will not do, which is crucial for keeping everyone’s expectations in check. It sets the project’s limits regarding jobs, resources, due dates, and results.
- Tracking down partners. Finding all the people, groups, or organizations that have a stake in the project’s success, like clients, end users, project team members, and top management.
- They are making a case for the business. This paper explains why the project is necessary and lists the expected benefits, costs, risks, and time frame. It’s used to get decision-makers to agree and give it money.
- I am putting together the project team. The project manager and other important team members who will help plan and carry out the project are usually hired during the beginning part.
- I am writing up a project plan. This paper officially gives the project manager the power to use company resources to complete the project. It usually lists the project’s goals, scope, stakeholders, risks, price, and a rough schedule.
Setting up
The planning part is where most of the project’s details are spelled out and put in order. It tells everyone who needs to do the job, who, what, when, where, and how to do it.
Parties do the following tasks with a stake in the project during this stage of the project management process:
- Writing down the project plan in great depth
- Figuring out what resources are needed (like people, tools, and materials)
- Making a budget to make sure the project makes money
- Creating a system for managing risks
- Making a plan for communication
- Setting standards for quality
To make sure the job goes smoothly, planning is a must. When working on big projects like software development, it’s essential to divide jobs into manageable pieces and plan how to keep track of and report on them.
Execution: Depending on the project’s original goal, execution can look very different.
For example, prototyping and testing might be part of developing a new product, and a new marketing campaign might involve creative jobs like writing content or making graphics.
During the execution phase, project managers are responsible for:
- Giving out tasks and setting up processes
- Giving team members information about the tasks they have been given
- Managing contact with stakeholders
- Checking for quality
- Managing the budget
Much work is done and put into action during the planning and starting steps. A detailed and well-documented plan makes the process of carrying it out faster and better.
Depending on the project management method used, different visual tools, such as Gantt charts or Kanban boards, can keep track of work and make sure that deliverables are finished on time.
During execution, these tools, regular contact, and close attention to quality and budget are essential for keeping the project on track.
Checking on
Monitoring the project’s progress is essential to ensure it stays on track and meets its goals. During the monitoring phase, the team’s work is compared to the initial plan. Results are then evaluated, and changes are made as needed.
When the project is at this stage, the following tasks are done by stakeholders:
- Collecting data and performance metrics
- Reporting on progress
- Weighing risks against performance
- Deciding what changes need to be made to systems and resources
Burn-up charts and control charts are two types of tracking tools that project managers can use to keep an eye on how the project is going.
Visual aids help you see what needs your attention, like where team members are behind the plan or where budget issues need to be looked at again.
Last Call
In the closing part, the project is finished. All the final deliverables are turned in, resources are made available, and the project’s success is assessed during this time. The main work on the project is done, but the project manager still needs to complete a few essential tasks to ensure the whole thing goes smoothly.
These include:
- Looking back at past performance
- Evaluating the work of the team
- Recording the end of the project
- Doing reviews after implementation
- Keeping track of the budget that was used and not used
Staying on task during the ending phase is essential for recording what was learned and getting ready for future projects, even after the work on the project is done.
The ending phase ensures that everything is completely wrapped up and gives the project team a chance to think about what went well and what could be done better. This encourages the organization to keep growing and getting better.
Life Cycle Management Software for Projects
Project life cycle management software is essential today because it helps teams organize their work, talk to each other better, be more efficient at all project stages, and plan for future projects.
While different software programs have different features, they all have the same primary goal: to make managing jobs more accessible and organized.
- Platforms for managing tasks (like Trello and Asana)
- Tools for working together (like Slack and Microsoft Teams)
- Software for managing projects (like Planisware and Oracle Primavera)
- ERP tools (like Oracle or SAP)
- A project management information system (PMIS)
- A project management information system (PMI)
- Software for managing agile projects, like JIRA and Scrumy
Project life cycle management tools can help businesses save time, money, and resources by making all parts of the project life cycle more efficient and accurate. They can learn things that will help them do better in the future by using robust data tools.
