Question

Please explain briefly the stages of project life cycles and describe their relations to customer interest, scheduling, budgeting (resources), and risks.

Answer 1

The stages of Project Life cycle are as follows:

1. Initiation- In this stage, the idea or concept of the Project is defined. The project scope and objective is identified in this stage. Customer interests, requirements etc are important inputs for developing the Project Objective.

2. Planning- In this stage, detailed planning is carried out so that project objectives are met. Budget and resource requirements are defined and allocated in this stage. Scheduling of the project is also done in this stage. Risks associated with the project are also identified in this stage and are suitably addressed.

3. Execution- In this stage, the project plan is put into action and the actual execution of work starts. Project progress is constantly monitored and controlled in this stage and any modifications or actions if required are undertaken.

4. Closing- In this stage, the project is formally completed and closed. Handing over to the customer is done, along with the release of resources, closure of contracts etc. The overall project is also analysed in this stage, to see what went well and what improvements could be done in future projects.