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.