The any probability if the specified budget exceeds or

The Project Life Cycle

 

It is Special Technique which involves all  phases, activities & tasks related to a
Project’s completion. Almost every organization or company finds it useful to
use Project Life Cycle as the basis for creating & finishing their
projects. A Project life cycle figures out that projects have limited resources,
skill & scope  and that there are some
possibility of increments towards Project and concentrate over the Completely
finished Project by considering all related processes, procedures, activities
etc. in a well-organized order.

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Characteristics of Project Life Cycle

 

·        
Identify
a well-defined beginning and the end with

·        
Collaborates
the all liked operations & finds organization for Project

·        
Allows
phase overlapping

·        
Identifies
the required Technology

·        
Allocation
of staff to their right task according to their skill

·        
Cost
estimation at each phase

·        
Ensures
the Risk Management process for the Project

·        
Finds
the capabilities of the stakeholders to influence the project’s application,
scope & other reliabilities.

·        
cost
is higher in the beginning and gets progressively lower as project continue

·        
Identifies
the repair-cost at each phase of Project development

 

There is a large number of models for project development
& its managing but no any agreement among companies about any model. Usually
project management undergoes through 4 phases named as Definition, Planning,
Implementation &  Closing and these
phases are unique among all those models. There is also a phase called
conceptual to find the Feasibility of project.

 

 

Phases

 

The conceptual phase, includes of risk and identifies the
impacts on the time, cost, and performance requirements, together with the availability
of tools from company. This is first effort to find Projects Feasibility.

 

1.    Defining stage:  All
specified requirements of the project are defined, if some              

                                       missing
then some discussions are made to identify them,    

                                       project’s
objectives  are established, staff is
identified separately  

                                       for each
task with right jo & responsibilities are assigned to them. 

 

 

2.    Planning stage: It is mainly to perfect the elements according to our goals
in the

                            found in conceptual design and it firmly identifies the
resources

    
                       required
and the deployment of  time, cost, and
performance

                            parameters to
specific staff or tools. This phase also prepares a

                            proper initial
documentation for future usability. It also     

                            demonstrates the
complete schedule with all list of raw-material  

                            fixture to import
& other administrative planning queries. Costs

                            for each task is identified
& funds are allocated to right people  

                            for specific task
jobs.

 

After the Final-Cost determination for project, a
cost-based analysis with ordered tasks must be conducted to find any
probability if the specified budget exceeds or lacks the project at End. This
is usually a part of Feasibility study at start. There are several situations,
such as in competitive bidding, where costs can be incurred during phases.

 

 

3.    Executing stage: before proper implementation, there must be some Testing

                              activity to identify if any documentation is missing &
all

                              operations are
set to repetition to perfume tasks with great       

                              details.

                                   Then
Implementation comes, all raw-process with major   

                                   development
functions are implemented here in this phase  

                                   which are
the essence of project. After this phase some visual

                                   effects can be seen easily about the
project. All plans are 

                                   executed
under the supervision of Project Manager so that at

                                   end project
is successfully integrated in organization.

 

4.     Closing stage:  It
usually includes 3 major tasks:

 

i.             
delivering
the product to the customer

ii.           
redeploying
resources for future use

iii.          
post-project
tracking

                                              

                                       Closure of
the project might include customer training and         

                                       transferring
documents to clients organization also.

                                       Some
times Redeployment usually involves releasing project

                                       equipment/materials
to other projects or to their owner from

                                       where company
fetched them and finding new tasks for staff for                 

                                       that specific
equipment. Post analysis of project learns some

                                       future
lessons to company for further betterment & also

                                       summarizes
the experience for new-comers.

 

The
closure phase evaluates the efforts of the total system and serves as input to
the

conceptual
phases for new projects and systems. This final phase also has an impact on other
ongoing projects with regard to identifying priorities. In practice, The
Technique of Project Life Cycle is used by companies to manage the Timing, Budget
 of major functions or tasks over the
life of the project.