1 Project Lifecycle: For a project completion allproject managers need to work through some stages or phases of four to fivesteps which is referred as Project Lifecycle. This provides a generic frameworkfor helping to manage any type of project that exists within the domain ofbusiness and its derivatives. Throughout research of years many professionalshave work out to provide best processes which are part of the projectlifecycle. Thus, this framework is constructed proper defined intervals of thatare organized, disciplined and maintained. Using project lifecyclegroups or teams by using it as a standard process tend to achieve thecompletion of their projects.
1. 1 Phases of Project Lifecycle: The project lifecycle consists of 5 phases thesephases are the process groups for lifecycle. These are very important steps andcan’t be skipped or ignored. Each phase has its importance in the lifecycle andeach one depends on the other phase. So all these phases work independently andtogether to fulfill the project.
These stages are: Ø InitiationØ PlanningØ ExecutionØ ControlØ Closure 2 Stage I: Initiation: Before going into project development or planningfirst it must be initiated. These steps discuss the initiation of the project. 2. 1 Project Overview Document: This document constructs a general outline describingthe project. It briefly explains that what will be created in the project. Alsodescribes the end goal of this project.
2. 2 Feasibility Report: Before going into production of the project afeasibility report is generated. This report clarifies that whether thisproject is feasible for going into creation or not. Whether within givenresources we will be able to complete the project or not. 2.
3 Project Charter Establishment: A charter for project is established that will clarifywho will be in charge for project, scope of project and for the importantsuccess factors of the project. 2. 4 Group Appointing for Project: After all, above steps a group team and a projectmanager will be assigned. 2.
5 Reviewing of Phase: A form is created which describes project review afterall other initiation steps are completed. The project review document givesresult for client to understand that all objectives are reviewed andtransferred for approval. 3 Stage II: Planning: When all requirements are specified then the planningstage starts where a plan and flow for the project is developed.
3. 1 Project Scope: The project scope describes that what will be achievedin project. How will it be achieved and when will it be achieved.
All factorsare deeply analyzed for making the project scope such as budget, schedule andresources. The scope must completely describe the flow how to of project. 3. 2 Decomposition of Project: The complete project is classified or decomposed intoits sub-parts i. e components. This breaking of whole project into components isdone in order to simplify and distribute the work among different groups. 3. 3 Organisational Structure of Work: After decomposition of project into components therecomes the Organisational decomposition structure for project.
Which creates astructure that which department will work on what component of the project orwhich individual will work on the part of project. All this is specified inthis step. 3. 4 Allocation of Resources: The resources of the project are allocated among thedepartments of the organization that for a particular component this muchbudget is allocated and how will it be delivered to specific departments. Apartfrom budget other resources that will be required for each department forcompletion of project are also allocated.
3. 5 Project Schedule Creation: A proper schedule is constructed describing that whatare the goals for each department and individual, deadlines and workflow areall described in order. 3. 6 Project Budget Planning: The project’s budget as based upon the reportgenerated from initiation step is then planned out.
3. 7 Project Risk Analysis: All risks possible are analyzed in this step, whichgenerally describes the risks involved in the project, in resource allocation, in organisational planning etc. 3. 8 Plan of Project: In the plan of project all the stages and phasesrequired for final project are planned out. All aspects are covered in thisplan. This helps in further stages to follow a plan. 4 Stage III: Execution: At this stage the main development and execution ofthe project occurs. This is one of most important stage for the project tocompletion.
These all steps and tasks are performed accordingly to complete theproject. 4. 1 Management of Time: It is the duty of the manager of project that alltasks and components are completed and submitted on time and schedule isfollowed accordingly. 4. 2 Management of Cost: It is duty of project manager to validate that the allexpenses of project are properly managed and are going according to the managedbudget. 4. 3 Management of Quality: Manager checks that the quality of individualcomponents and overall project are according to the specifications asmentioned.
4. 4 Management of Change: If at any time a need to change the requirements ofproject’s specification is required. Manager will manage to solve this change. 4.
5 Management of Issues: At project development if any issues are occurred thenmanger would track and solve these issues. 5 Stage IV: Control: This stage goes on parallel to the execution stage. Thisphase generally has no big steps it consists of looking out project forpossible risks and eliminating them.
Generally, some prefer to make this stagepart of Project Execution but it is the proper way. By following this stage, wecan eliminate the problem to revisit stage II of planning if some problemoccurs at execution phase. 6 Stage V: Closure: After all major completion of the project at end thesesteps are performed for closing out after project completion. This phase is asimportant as other stages. 6.
1 Closure Report: This report has the proper closure information aboutstaff, schedule, cost management and problems and techniques learned throughthe project. 6. 2 Paperwork: Any administrative level higher paper work for theproject is described and filled. 6. 3 Resources Redistribution: The resources gained for project’s work areredistributed if no need for them.