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Questions and Answers
What is the primary purpose of the project budget during the implementation phase?
What is the primary purpose of the project budget during the implementation phase?
Which activity is NOT included in the closing phase of a project?
Which activity is NOT included in the closing phase of a project?
During which phase does the project manager spend most of their time?
During which phase does the project manager spend most of their time?
What should status reports during the implementation phase primarily emphasize?
What should status reports during the implementation phase primarily emphasize?
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What is the main goal of conducting lessons-learned studies during the closing phase?
What is the main goal of conducting lessons-learned studies during the closing phase?
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What is the primary focus during the initiation phase of a project?
What is the primary focus during the initiation phase of a project?
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Which activity is part of the planning phase in project management?
Which activity is part of the planning phase in project management?
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In which phase would the project manager seek approval to move to detailed planning?
In which phase would the project manager seek approval to move to detailed planning?
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What does the project life cycle generally represent?
What does the project life cycle generally represent?
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What is a critical deliverable produced during the initiation phase?
What is a critical deliverable produced during the initiation phase?
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Study Notes
Project Life Cycle
- A project has four phases: initiation, planning, implementation, and closure
- The phases represent the path a project takes from beginning to end
- Each phase has its own set of tasks and issues
Initiation Phase
- 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
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
Implementation Phase
- 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
Closing Phase
- 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
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Description
Explore the essential phases of a project's life cycle, including initiation, planning, implementation, and closure. Understand the tasks and crucial elements involved in each phase that lead a project from its inception to completion.
