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Project Life Cycle

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TAKELE NEDESA
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Project Life Cycle

Uploaded by

TAKELE NEDESA
Copyright
© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
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PROJECT LIFE CYCLE

A project is a collection of activities with a defined start and end date. The project lifecycle (PLC)
means the stages that a project must go through to be complete. During the complete PLC, a project
must continually be envisioned, together with its ancillary limits, within which it must be planned,
implemented, monitored, and closed.

There are five types of phases in a PLC, which are denoted as the project management body of
knowledge. They are:

Initiating
Planning
Executing
Monitoring
Regulating
Closing Phase

Figure Shows the Project Life Cycle

A brief description of each phase and its function is given below:

Initiation of the Project: During this phase, the project's purpose and target are determined,
and we reach an agreement with all stakeholders (20|20 Business, 2018). The case study, as
well as all commercial and time estimates, are generated during this stage, although
these estimates are very approximate, they are followed and monitored throughout
the project. During this phase, the project manager is also appointed and assigned duties and
authority.
Planning of the Project: In this phase, the knowledge areas related to project management
are designed so that the project can be implemented properly. As a part of the integrated
management, the entire project management plan is created. The project time, schedule,
and cost baseline estimates must also be specified for tracking and measuring

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performance throughout the project lifetime as part of the monitoring and
controlling process.
Execution of the Project: The actual project is carried out at the phase wherein; all the
deliverables are determined according to the initial planning stage. During this phase, it is
ensured that all deliverables are meeting the quality standards established during
the planning stage.
Monitoring and Controlling the Project: In this phase, every deliverable that has been
delivered in the execution phase is monitored continuously and regulated wherever necessary
to match up to the standards set.
Closing a Project: This is the final stage in the cycle, where the entire report of the process
and the entire project deliverables are given to the client.

Risk Management

Risk management is a procedure that is followed throughout the project's lifetime to


detect, analyze, and prepare for minimizing any positive or negative risk that may crop up
during the project's lifecycle and have an impact on the project’s purpose and goal.
Threats and opportunities are the two basic forms of risk.

Threats are negative risks that have negative effects on project deliverables; while opportunities
are positive risks that can have beneficial effects on the project objective and goal (Landau, 2016).
To avoid any unfavorable influence of the threats on the project deliverables, we must proactively
identify the risk throughout rather than being reactive during the project's lifetime. To adequately
manage risk, firstly, it is necessary to identify all forms of risks that may affect the project during the
lifecycle. Once the risks have been identified, the entire list should be reviewed to
determine the risk rank. Later, based on the risk's severity level, risk minimization plans are
created, and if necessary, contingency reserves are included in the cost estimates to cover similar
eventualities. Positive risks, on the other hand, are possibilities that are discovered and help to
generate the potential benefits that the project can reap from such risks over the course of the
project's life cycle.

The Implication of PLC on Effective Risk Management

For proper risk management, the entire PLC must be taken into consideration. During the
process of risk identification, all phases of the PLC have to be carefully studied so that the list can be
reviewed precisely and the best plan can be designed for each phase of the PLC. The project life

© 2024 Athena Global Education. All Rights Reserved


cycle, therefore, begins with the conceptualization or commencement stage of the project and ends
with the closure stage.

In the conventional risk management system, both risk identification and reduction plan were
required to be carried out in the initial stage, ie. the planning phase. However, as per the new concept
of project management, risk management has to be done not just for identification and reduction, but
for the entire project lifecycle and all through the PLC to mitigate the likelihood of an unidentified
factor creating an impact on the project goals and objectives (Kishk & Ukaga, 2008). Without a
competent risk assessment of the project life cycle, complete project success cannot be
projected. The overall success of a project is determined by the level of satisfaction it can provide to
its stakeholders' expectations. Risk identification and mitigation plan definition are carried out
through the project life cycle to ensure that the risk associated at each stage is adequately examined
and handled.

All the elements and stages involved in the development of the overall PLC must be evaluated to
make a risk assessment and control effective and productive. This will aid in the recognition of risks,
and correspondingly, a plan for mitigation and reserves could be created, so that they are ready to be
implemented in case the risk occurs. If any phase of the PLC is to be examined in particular, then that
phase may continue to be a risk for the entire project. Every phase that is not adequately studied
might constitute a further risk for the entire project, so all stages of the PLC must be thoroughly
analyzed to develop an effective risk management strategy.

© 2024 Athena Global Education. All Rights Reserved

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