A project is a set of operations and works that are aimed at achieving one goal and result in the form of a unique product. Project activities are characterized by time cycles that have a beginning and an end. The project life cycle is a foundational term that helps you make the right decisions in financial, organizational, and entrepreneurial matters.
Project Life Cycle Phase Stages
The project describes a model of the situation and a plan for its improvement, as well as a set of methods for implementation. Project activities include the idea, management personnel, material base, definition of the goal, the necessary results, etc. It combines several types of occupations, the common features of which are:
- obtaining unique results;
- coordination of interrelated works;
- time constraints with the formation of a certain start and end date.
The project works in an environment that includes vital external and internal components, and also takes into account political, socio-cultural, organizational, legal and similar factors. Implementation is carried out with the help of the manager, managerial staff, team and other persons who perform tasks related to work processes.
Definition of LCP
The concept of a life cycle for a planned project is very common in the modern world. Any organic phenomenon, be it a living being, a real business or a planet, is subject to the principles of the life cycle.
This cycle is understood as a complex and sequence of certain cycles that any project overcomes in the process of life. In other words, it's the time interval between start-up and liquidation. For any project, in addition to the existence cycle, there are two more cycles – before birth and after completion. The cycle plays an important life role for the following reasons:
- clear definition of the start and end dates;
- splitting the process into more detailed phases;
- establishment of a specific number of workers and administrative personnel involved, as well as the amount of resources required;
control.
For businessmen, the beginning of project activities involves the investment of monetary resources for the implementation of the planned business. The start and end of the project is usually confirmed by official documents.
Life stages and their features
Each project is usually developed into cycles, which are divided into even smaller ones. The phase is understood as a structural component. Each of its endings means the achievement of any significant results. The set of phases characterize the LC.
How to develop the project
There is no generally accepted classification of the number of phases and stages of the life cycle for a project. Their sequence depends on the focus of activities, the experience of the participants and the conditions of implementation. The division of life stages can be very diverse, the main thing is that it takes into account the achievement of checkpoints or milestones, during which the manager receives information and assesses the prospects for development. The main phases of the LCP:
Initiation.
It involves various activities that relate to marketing research, work with tenders and other actions before the conclusion of a contract with the customer. A plan is drawn up, basic documentation is prepared.
Planning.
At this stage of life, the manager hires staff and draws up a basic plan for the project.
Execution. When the baseline comes into effect, the execution process begins. The moment of its termination comes when all the terms of the contract are fulfilled, and there are no claims between the customer and the contractor.
Completion.
It is characterized by the collection of final information, the resolution of issues between management and staff.
The life stages of a project are considered successful if it is completed without delay, while maintaining the budget limit, there is no overspending, and the goals are achieved. There are the following under the cycles of the project life cycle:
Conceptual.
The project is presented in the form of an idea, and the work is only initiated. The primary idea is subjected to close analysis regarding costs and estimated profits. The project manager sets tasks and goals, forms a team that will carry out work on the initiation of the idea. He must find financial sources at the expense of which the project will be implemented. The importance of the initial stage of life can hardly be overestimated, because without careful analytics, the results will become incomplete or not at all suitable.
Planning.
A life plan is created and approved by the project management team, according to a list of sequential tasks, in the interests of the ultimate goals. This one under the life cycle organizes the project strategy, calculates profitability and possible losses. Then a reconciliation with the management plan is carried out and appropriate adjustments are made. Without planning, the manager will not be able to organize activities in a coordinated manner.
Realization.
Once approved, the provisions shall enter into force. Control falls on managers through the collection and evaluation of data on the current work done. Then the figures are checked against the target ones, during which inconsistencies are excluded. However, it should be borne in mind that discrepancies are not completely eliminated. There is a criterion of permissible deviations that slightly affect the expected result. In case of detection of critical life deviations, it is necessary to allocate additional resources and means to eliminate them.
Termination.
The project is considered completed when the goals are achieved. This may happen earlier than the deadlines. An important part of this stage is the preparation of final reports.
The classification listed is just an example. The exact list of stages of life cycles varies depending on the industry direction.
What cycles might look like
So, for a construction company, the cycles may look like:
Pre-investment phase. The manager analyzes the topography of the area, creates an investment project and coordinates with the management. A preliminary plan is developed, the risks and viability of project activities are analyzed. An estimate of the project is created, the main documentation is approved. During this life cycle, land is acquired and permission is obtained for construction activities.
Construction phase. Contracts are signed and installation work is carried out. The main phase of the LCP includes a construction plan and payment for the work of contractors. It is important for the manager to carefully monitor the work of the staff in order to complete the construction phase in a timely manner.
Operational phase. Includes commissioning of the construction site, according to specifications.
Completion.
The life stages of a construction company usually consist of 4 stages. In exceptional cases, it is possible to divide into a larger number of phases.
Organization of cycle control activities
The control process plays a central role in lifecycle management. It is carried out not only by the manager, but also by the project manager. A proper control system is based on the following principles:
Establishing a clear life plan. Control moments involve comparing the actual indicators with the planned ones. The manager can adjust the project plan, but he should not change it often, so as not to lose the effectiveness of control.
Creation of an organized reporting system. Reports contain information about the current status of the project cycle. Target and real indicators are also compared, and the result is recorded in the report. The manager needs to clearly set deadlines for its delivery in order to discuss the working moments of life cycles at the collegial level.
Formation of a complex of analysis of real figures. If the manager finds deviations of real indicators from the planned ones, then the degree of their severity is assessed. There are tolerances that slightly affect the work. However, attention should be paid to serious deviations that can lead to undesirable consequences. Typically, a specific lifecycle is analyzed using two components– timing and cost. For example, some tasks require too much time, while others require a significant amount of funds.
Development of a system for analyzing emerging trends. Managers need to make a forecast of possible risks and their consequences in the process of activity.
Formation of a response system. The final stage of control work is the elimination of existing deviations. When undesirable factors cannot be eliminated, the project is edited.
It is necessary to control the actions of workers at each stage of life. Deviations identified in early cycles will avoid serious shortcomings in the future.
The role of life stages for the project is difficult to overestimate. Its fate depends on how carefully organized and detailed this process is in all stages. Many managers are aware of the need for high-quality project management and the prospects for using this technology.
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