Life cycle project management

Life cycle project management is a structured process of organizing and managing a project from its initiation to its closure. It involves a series of steps that help to define the scope, timeline and budget of the project. It also helps to identify the risks involved and determine the resources required for successful completion of the project. The life cycle project management process typically involves planning, executing, controlling and closing activities. It helps to ensure that all stakeholders are informed of project progress and are able to identify any potential issues early on.

Example of life cycle project management

• Planning: For example, when planning a new product launch, a life cycle project manager would need to consider the scope of the project, set the timeline and budget, and develop a plan of action. They would also need to identify any risks and determine the resources needed to complete the project.
• Executing: For example, once the plan is in place, the life cycle project manager would need to manage the execution of the project, ensuring that it is within the parameters of the timeline, budget and scope. They would also need to coordinate the activities of all stakeholders and ensure the project is progressing in the right direction.
• Controlling: For example, during the execution of the project, the life cycle project manager would need to monitor the progress and identify any issues that arise. They would also need to take corrective action as necessary to ensure the project is on track.
• Closing: For example, once the project has been completed, the life cycle project manager would need to close the project and evaluate its success. They would also need to document any lessons learned for future projects.

Best practices of life cycle project management

1. Define the project: It is important to clearly define the scope and objectives of the project, identify success criteria, and define the deliverables. This will help stakeholders understand the project’s goals and ensure everyone is on the same page.
2. Estimate the effort and cost: Project teams should evaluate the resources and cost of a project before starting. This will provide an understanding of the potential risks and costs associated with the project and help set realistic expectations.
3. Develop a project plan: A project plan should be developed to outline the timeline, budget, and tasks. It should also include a risk management plan to identify and address potential risks.
4. Manage resources: It is important to ensure that the right resources are available for the project and that they are managed effectively. This includes managing both human and physical resources.
5. Monitor and control the project: Regular monitoring and control of the project will ensure that it is progressing according to plan and any risks are addressed in a timely manner.
6. Close the project: Once the project is completed, it is important to close it properly. This includes formally evaluating the project, documenting the results, and archiving the project data for future reference.

Types of project management life cycle

Life cycle project management is a structured process of organizing and managing a project from its initiation to its closure. It involves a series of steps that help to define the scope, timeline and budget of the project. There are a number of different types of life cycle project management that can be used to ensure a successful completion of any project. The most common types of life cycle project management are as follows:

• Waterfall: The Waterfall life cycle project management is a linear approach that progresses through each phase of the process in a sequential order. It is based on the assumption that each phase of a project must be completed before moving onto the next one. This approach is best suited for projects with a fixed timeline and budget.
• Agile: The Agile life cycle project management is a more flexible approach that encourages continuous improvement and adaptation. It is based on the idea that projects should be broken down into smaller pieces that can be completed quickly and easily. This approach allows for more flexibility and quicker completion of projects.
• Iterative: The Iterative life cycle project management is a cyclical approach that involves repeating the same project steps multiple times. It is based on the idea that projects can be improved upon with each iteration, resulting in the best possible outcome. This approach is best suited for projects with a fluid timeline and budget.
• Scrum: The Scrum life cycle project management is an iterative approach that is based on teamwork. It is based on the idea that teams work together to complete a project in short sprints. This approach is best suited for projects with a fluid timeline and budget.

Other approaches related to life cycle project management

In addition to life cycle project management, there are several other approaches related to the management of projects. These approaches include:

• Earned Value Management - a system used to measure the progress of a project by comparing the actual cost of the project to the budgeted cost.
• Lean Project Management - a system that emphasizes efficiency and reduces waste throughout the project.
• Kanban Project Management - a system that uses visual cues to help manage the flow of tasks and ensure projects are completed on time.

In summary, there are multiple approaches to project management that can be used to ensure a successful project. Life cycle project management is just one of many options available, and each approach will provide different benefits and drawbacks depending on the project in question.

Life cycle project management — recommended articles

Life cycle approach — Work breakdown structure (WBS) — Applications of project management — Successful project management — Management of complexity — Aspects of project management — Project change management — Starting a project — Subproject

References

• Westland, J. (2007). The project management life cycle: A complete step-by-step methodology for initiating planning executing and closing the project. Kogan Page Publishers.