Explain 5 benefits of a lifecycle
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I have re-capped the Project Lifecycle as my initial learning used different terminology!
All projects follow a lifecycle and lifecycles do differ across industries and business sectors.
A project lifecycle consists of a number of distinct project phases – Concept, Definition, Implementation (Design and Build), Handover and Closeout. The extended lifecycle considers the whole project, including operation and termination.
Five key benefits of a lifecycle are:
1. The project lifecycle provides a structured approach for the delivery of the project. This allows everyone working on the project to identify how the project is progressing. It also has clearly defined activities and outputs for each phase.
2. Aids communication and helps define roles within the project organisation as it provides a framework for the project that is visible and understood by all members of the project. Also, roles and responsibilities can be assigned according to the project phase. This makes it easy for people to understand what they should be doing in each phase. It also helps the business to plan levels of resource requirements to avoid wasted resources but ensuring that resource is available as required. The Implementation phase will require the most resource.
3. The project lifecycle will allow the project manager to link progress directly to each phase and recognise the completion of each phase, i.e. the Concept Stage encompasses everything up to the production of the business case. The Definition phase includes the production of the project management plan and all subsidiary plans, such as the risk management plan and the quality plan and the Implementation phase covers the construction of the various components that comprise the end product – this phase is broken down into Design and Build stages.
4. The phases within the project lifecycle provide an understanding of the evolution of the project, being able to identify areas that need greater attention at different times such as risk management in the early stages and more Project Evaluation Reviews during the Implementation stage.
5. The project lifecycle will define when the Project Evaluation Review and the Gate Reviews will take place, therefore allowing the project manager to plan completion of reports in readiness to support the reviews. It will also allow required people to pre-plan their attendance to enable quick decisions on a ‘go no go’ for the project progress. These regular reviews also provide increased confidence for the stakeholders in confirming early successes and confirmation that the project is still viable and on plan – alternatively these can be escape routes, if the project is no longer viable.