Project Life Cycle Overview

Study Notes

The project objective or need is identified
This could be a business problem or opportunity
A business case with recommended solutions is documented
A feasibility study is conducted to determine if the options address the project objective
The recommended solution is approved, and a project is initiated to deliver the approved solution
A project manager is appointed
Major deliverables and participating work groups are identified
The project team starts to form
The project manager seeks approval to move to the detailed planning phase

The project solution is further developed in detail
Steps to meet the project objective are planned
The team identifies all the work to be done
The project’s tasks and resource requirements are identified, along with the strategy for producing them
This is also known as “scope management”
A project plan is created outlining activities, tasks, dependencies, and timelines
The project manager coordinates the preparation of a project budget by providing cost estimates for labor, equipment, and materials
The budget is used to monitor and control cost expenditures during implementation

The project plan is put into action
The project work is performed
It is important to maintain control and communicate as needed
Progress is monitored continuously
Adjustments are made and recorded as variances from the original plan
The project manager spends most of their time during this phase
Progress information is reported through regular team meetings
The project manager uses this information to maintain control by comparing progress reports with the project plan
This helps measure the performance of project activities and take corrective action
Status reports emphasize the anticipated end point in terms of cost, schedule, and quality of deliverables
Each project deliverable is reviewed for quality and measured against acceptance criteria
Once all deliverables are completed and accepted by the customer, the project is ready for closure

The focus is on:
- releasing final deliverables to the customer
- handing over project documentation to the business
- terminating supplier contracts
- releasing project resources
- communicating the closure of the project to all stakeholders
Lessons-learned studies are conducted to examine what went well and what didn't
This analysis transfers experience back to the project organization, helping future project teams