A project life cycle consists of phases including starting the project, organizing and preparing, carrying out project work, and closing the project. It is contained within one or more product life cycles, as a single product can have multiple associated projects. Project phases can be sequential, overlapping, or iterative. Factors like cost, staffing, risk, and cost of changes influence projects differently in the initiation, middle, and closure phases. Stakeholders include customers, users, the project management office, business partners, and the project team. Organizational process assets that can help manage a project life cycle include templates, guidelines, communication plans, a knowledge base, databases, and lessons learned.

1. PMP Preparation and Advanced Course on Project ManagementLecture II Ali Khan, BE, PMP Development Manager, FinalTier Systems Chief Host, TheDailyPM.com

2. “Project Managers/Organizations can divide a project into phases to provide better management control with appropriate links to the ongoing operations of a performing organization. Collectively, these phases are known as the project life cycle.” What is a Project Life Cycle?

4. Starting the project

5. Organizing and preparing

6. Carrying out the project work, and

7. Closing the projectWhat is a Project Life Cycle?

8. What is a Project Life Cycle?

9. What is a Project Life Cycle?

10. Rate influence as Low / High/ Increasing / Decreasing of following factors in Project Initiation, Middle and Closure Cost & Staffing, Risk, uncertainty, stakeholder Cost of changes What is a Project Life Cycle?

11. Project Manager Project Team Member Project Management Team (Portfolio managers, Program managers) Functional Manager Operations Management Sponsor Who are Stakeholders?

12. Customer User/Client PMO Sellers/Business Partners Who are Stakeholders?

13. “A Project Life Cycle is contained within one or more Product Life Cycles” One product can have many projects associated with it. Performing a feasibility study, conducting market research, running advertisement campaign, developing a product, installing a product, conducting trail/UAT – each can be a project itself. Product Life Cycle vs. Project Life Cycle

14. Product Life Cycle vs. Project Life Cycle

16. Overlapping (increase risk – can result in rework, fast tracking can be applied)

17. Iterative (only one phase planned at a time – suitable for research/long term projects)Project Phase Relationships

18. Processes & Procedures Standards & Policies Templates Project Closure Guidelines and Requirements Communication Requirements & Infrastructure Organizational Process Assets

19. Corporate Knowledge Base Project Files Lessons Learned Knowledge Base Issues/Defect management database Financial Database (labor hours, incurred costs etc.) Configuration Management Knowledge Base Organizational Process Assets

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