Project Lifecycle Project Management Lifecycle - 1863 Words

2.1. Project Lifecycle Project lifecycle is the series of activities that are necessary to fulfill the project’s objectives. There are projects of different size or complexity, with different aims and goals, but, in general, all projects have the following structure: †¢ Initiation (start of project) †¢ Planning (organizing and preparing the project) †¢ Execution (carry out the project) †¢ Controlling (monitoring the project) †¢ Closing (evaluation and wrap-up) Figure. The four phases of the project life cycle. Adapted from J. Westland, The Project Management Lifecycle, Kogan Page Limited (2006). In order for the managers to apply better control and effectively manage the processes, projects are broken down into phases. Moreover, these phases are further divided to provide easy management and planning. [1] Each phase has activities linked with it. In addition to this, each activity has a definition and specific guidelines, used to facilitate the actions of a Project Manager. The phases are detailed below: 2.1.1 Initiation To begin with, the project’s aim or objective must be identified. The next step of this procedure, is to issue a business case with recommendations on possible options and solutions. It is also appropriate to conduct a feasibility report in order to determine if these options address the project aims. Finally a recommended solution is determined. After the approval of the recommended solution the project is initiated with the sole purpose toShow MoreRelatedRisk Management And Its Interaction With The Project Lifecycle2285 Words   |  10 PagesThe process exhibits that certain steps for the most part go before others; on the other hand, as the undertaking returns, the survey methods don t essentially advance in the same way (Carter). While discussing the risk management and its interaction with the project lifecycle, it is necessary to single out several aspects which are of great importance. The first one is risk planning. The risk planning methodology ought to start as right on time in the undertaking life cycle as would be prudentRead MoreProject Management ( Pmp ) Systems Development Lifecycle ( Sdlc )1449 Words   |  6 PagesQualifications †¢ Operations technology strategy †¢ Fraud operations risk management †¢ Leadership business governance †¢ Project management (PMP) †¢ Systems development lifecycle (SDLC) †¢ Business transformation †¢ Payments subject matter specialist †¢ Interbank and financial market utility transactions Experience PricewaterhouseCoopers Advisory Banking and Capital Markets – Payments Practice Director Detroit, MI 10/2011 to 02/2016 †¢ Assisted a PwC team’s effort to develop recommendations toRead MoreProject Lifecycle Management Solution For Capital Planning Project Delivery, Cost Control, And Facilities And Real Estate Management1077 Words   |  5 Pagesas â€Å"The best-in-class project lifecycle management solution for capital planning, project delivery, cost control, and facilities and real estate management.† Oracle’s Primavera Unifier provides governance across all project phases, from planning and building to operations and maintenance (Oracle’s Primavera Unifier, n.d.). It is consistently used throughout the organization and fits well into its portfolio. This system is classified as a Computerized Maintenance Management System (CMMS) and wasRead MoreProject Projects : Life Cycle1139 Words   |  5 Pagesentities, projects have life cycles. From a slow beginning they progress to a buildup of size, then peak, begin a decline, and finally must be terminated. (Also, like other organic entities, they often resist termination.)† –- Meredith and Mantel The above quote explains the lifecycle of the project or some of the phases through which the project has to go through in order to achieve the intended goals. Every project has a beginning, a middle period during which activities move the project toward completionRead MoreUnit 1 : Project Management Concepts904 Words   |  4 PagesUnit 1: Project Management Concepts 1.) Compare and contrast the three components of the triple constraint. Evaluate the consequences of changes occurring in each component. 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Introduction: The main purpose of this research is to define better handling of ongoing project by complying with the principles of lean management to obtain maximum efficiency in production processing. During the project production lifecycle, many projects go through various challenges and to ensure that projects are handled in better ways, organisation perform different actions and approaches to retain project within budgetRead MoreSoftware And Application Lifecycle Management1327 Words   |  6 Pagesprogrammer could make a small change to an application causing a ripple effect with endless updates leaving with an entangled mess. Software businesses should use an application lifecycle management service as a solution to resolving these issues with the applications that they design. â€Å"Application lifecycle management (ALM) is the supervision of a software application from its initial planning through retirement† (Rouse, M. 2011). Software companies that use this solution are able to create a