The time between the moment a project appears and the moment it is eliminated is called a project cycle or project lifecycle. Each project, regardless of the underlying design, is characterized by a life cycle of a certain duration.
1. Life cycle and phases of the project
Project life cycles are understood as certain phases through which a particular plan passes in the process of its implementation, as well as the functioning. This separation is important not only from a theoretical point of view, but also from a practical point of view, because it gives an opportunity to better control the production process.
The definition of the term Term of a Project Life Cycle refers to a sequence of steps to implement an idea regarding the production or management process. The key roles of these concept can be explained in the below statements:
Determines the duration of a project by clearly denoting the dates of its start and completion; Allows you to detail the implementation process of the plan, breaking it down into specific phases;
It makes it possible to clearly determine the number of personnel involved, as well as the necessary resources;
- facilitates the control procedure.
Project lifecycle stages
In the process of implementing a plan concerning the production process or other activities in the enterprise, there are several consecutive points. Thus, it is customary to highlight the following stages of the project's life cycle:
- Initiation - the idea is put forward, as well as the preparation of project documents. A detailed justification is being made, as well as market research, which will help to implement the next stages.
- Planning is the timing of the implementation of the plan, the division of these processes into specific stages, as well as the appointment of executors and responsible persons.
- Execution - begins as soon as the plans have been approved. It means that all the planned actions will be implemented in full.
- Completion - analysis of the data received and monitoring to ensure that they correspond to their planned. In most cases, this duty is vested in management.
- It is worth noting that this division into the stages of the life cycle of the project is very conditional. Each organization has the proper to independently detail this process and break it at the stage.
Cycle Phases
There are four main phases of the project's lifecycle, namely:
Pre-investment research is the choice of the best option for the project, negotiations with stakeholders, and the issuance of securities through which capital will be raised;
Investing directly when, through the sale of shares or other financial instruments, the organization receives the funds necessary to implement the plan;
The operation of a project is a full-scale production process, which is carried out according to a pre-designed plan;
the post-investment study is to assess performance and to determine whether the results are consistent with the intended results.
Features of the project's lifecycle
The life cycles of the project, as mentioned above, can be built individually taking into account the specifics of a particular enterprise. However, they all have some common features, namely:
The largest number of costs and personnel involved in the project is in the middle of the cycle. The beginning and end of this process are characterized by low indicators.
- In the first stage, there is the greatest level of risk, as well as uncertainty and doubts about the successful outcome of the activity.
At the start of the project life cycle, participants have great opportunities to form changes and improve the way to achieve goals.
As time goes on, it gets harder to form .
Cascade model of the project's life cycle
While life cycles for each individual project or organization may differ materially, there are some common models that can serve as a baseline. One of the most common is the waterfall, which involves the sequential execution of each planned action and is characterized by the following features:
Drawing up a clear plan of action to achieve your goals;
Each action is defined by a specific list of tasks, as well as mandatory work;
introduction of intermediate (control) steps in which compliance with the previously developed plan will be monitored.
Spiral model
The life cycles of the project, which are cyclical, are developed according to the spiral model. Each turn determines the effectiveness of the development according to its cost. This model differs in that in its development one of the key positions is assigned to the risk component, which most often includes the following items:
Lack of qualified and experienced staff;
The ability to go beyond the budget or fail to meet the deadline;
Loss of relevance to development during its implementation;
The need to form changes within the production process;
External factors (supply disruptions, market changes, etc.);
Inconsistency of production capacity to the required level;
Contradictions in the work of different units.
Incremental model
Project life cycles are often considered from the purpose of view of the incremental model. Its use will be most relevant and reasonable when it is expected to be complex and large-scale work with a large number of participants. In this case, the large-scale project is dissected into many small components, which, being implemented piece by piece, subsequently add up to a large-scale project. The incremental model does not require a one-time investment of all the necessary funds. You can gradually contribute small amounts covering each stage. And since the whole project is divided into small components, it is flexible enough to make appropriate changes at any time. And one of the most important points is to minimize the risks that are evenly distributed between phases (increments).
Project Life Cycle Principles
The life cycles of the project are characterized by a number of principles, namely:
The existence of a detailed plan that clearly spells out all time periods, deadlines, participants, and digital indicators to be achieved as a result of the work;
A reporting system should be developed to monitor the compliance of the results stated at the end of each stage;
The existence of an analysis system, according to which the future situation can be predicted, with the purpose of making adjustments;
the organization needs to set up a contingency response system so that work can be channeled at any stage of the life cycle.
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