Podcast
Questions and Answers
What is the project life cycle?
What is the project life cycle?
- A series of stages undertaken in a project to achieve its goals and objectives (correct)
- A framework for managing projects only in the construction industry
- A methodology for project closure only
- A model that applies to all projects universally
What determines the shape of a project life cycle?
What determines the shape of a project life cycle?
- The size of the project team
- The duration of the project
- The industry or technology used (correct)
- The location of the project
What does a node represent in an activity-on-node diagram?
What does a node represent in an activity-on-node diagram?
- A dependency line
- An event or stage
- An activity (correct)
- A resource allocation
Why may the project life cycle be repeated?
Why may the project life cycle be repeated?
What is the purpose of the project life cycle phases?
What is the purpose of the project life cycle phases?
What is common among project life cycles in the same industry or organization?
What is common among project life cycles in the same industry or organization?
What are the four stages of a project life cycle?
What are the four stages of a project life cycle?
What is the primary purpose of the initiation phase in a project life cycle?
What is the primary purpose of the initiation phase in a project life cycle?
What is the characteristic of cost and staffing levels in a project life cycle?
What is the characteristic of cost and staffing levels in a project life cycle?
What is the primary purpose of the planning phase in a project life cycle?
What is the primary purpose of the planning phase in a project life cycle?
What is the highest point in a project's lifecycle when stakeholders can influence the project's characteristics without significant cost implications?
What is the highest point in a project's lifecycle when stakeholders can influence the project's characteristics without significant cost implications?
What is the primary purpose of the execution phase in a project life cycle?
What is the primary purpose of the execution phase in a project life cycle?
What type of organisation is the transmission business line of DBA?
What type of organisation is the transmission business line of DBA?
What is included in the closure phase of a project life cycle?
What is included in the closure phase of a project life cycle?
What is the primary purpose of a post-project review?
What is the primary purpose of a post-project review?
How many key members were in the Abacus Project team originally?
How many key members were in the Abacus Project team originally?
What is the name of the project manager assigned to the Abacus Project?
What is the name of the project manager assigned to the Abacus Project?
When is risk and uncertainty at its highest in a project life cycle?
When is risk and uncertainty at its highest in a project life cycle?
What is the purpose of the project initiation phase in the Abacus Project?
What is the purpose of the project initiation phase in the Abacus Project?
What is the purpose of estimation in the planning phase of a project life cycle?
What is the purpose of estimation in the planning phase of a project life cycle?
What is the main advantage of an adaptive life cycle?
What is the main advantage of an adaptive life cycle?
What is the term for budget and schedule allocations set during the initiation and planning phases of a project?
What is the term for budget and schedule allocations set during the initiation and planning phases of a project?
What is the name of the phase that comes after project initiation in the Abacus Project?
What is the name of the phase that comes after project initiation in the Abacus Project?
What was the total personnel count at the end of the Abacus Project?
What was the total personnel count at the end of the Abacus Project?
What was the role of Trian Moore in the Abacus Project?
What was the role of Trian Moore in the Abacus Project?
What is the primary purpose of risk and cost changes in project management?
What is the primary purpose of risk and cost changes in project management?
Study Notes
Project Life Cycle
- A project life cycle refers to the series of phases a project goes through from start to finish to achieve its goals and objectives.
- The phases are generally in chronological order, providing a basic framework for managing the project.
- There is no particular model that applies to all projects, and variations can occur depending on the nature and size of the project.
Phases of Project Life Cycle
- Initiation: defining project objectives, forming teams, and assigning responsibilities.
- Planning: developing a plan to complete the project, including estimation, scheduling, and resource allocation.
- Execution: carrying out the project plan, including actual work and control measures.
- Monitoring and Control: tracking project progress, identifying and correcting deviations from the plan.
- Termination: closing the project, including delivering the final product, reassigning resources, and conducting post-project reviews.
Characteristics of Project Life Cycle
- Cost and staffing levels are typically low at the start, peak during execution, and decrease rapidly towards completion.
- Risk and uncertainty are highest at the start of the project and decrease as decisions are made and deliverables are accepted.
- The ability to influence the project's product characteristics without significantly impacting cost is highest at the start of the project and decreases as it progresses.
- Cost and staffing curves may not apply to all projects, and significant expenditures may be required early in the project life cycle.
Effective Project Closure
- Five benefits: formal acceptance of project deliverables, documentation of lessons learned, evaluation of project success, release of project resources, and finalization of project accounts.
- Five disadvantages: delayed or incomplete project deliverables, inadequate documentation, poor evaluation of project success, inefficient resource allocation, and inaccurate project financials.
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