Tuesday, March 30, 2010
Project Life Cycles
Phase 1: Conceptual
Phase 2: Planning
Phase 3: Testing
Phase 4: Implementation
Phase 5: Closure
Phase 1: Conceptual
Includes the preliminary evaluation of an idea
Most important is a preliminary analysis of risk and the impact on the time, cost, and performance requirements, and resources
Feasibility study
Phase 2: Planning
It is mainly a refinement of the elements in the conceptual phase and requires a firm identification of the resources and the establishment of realistic time, cost, and performance parameters
Phase 3: Testing
Final standardization effort
Almost all documentation must be completed in this phase
Phase 4: Implementation
Execution of the project
Phase 5: Closure
The final phase is closure and includes the reallocation of resources
Consider a company that sells products to consumers. As one product begins the death phase of its life cycle, new products or projects must be established.
Such a company would, therefore, require a continuous stream of projects to survive.
As projects A and B begin their decline, new efforts (project C) must be developed for resource reallocation.
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