Feedback Pls – Five Benefits Of Project Lifecycle

Question 1: List and Describe Five benefits of a Project Lifecycle.

The five benefits of project lifecycle are listed as below:

1. Assess the project viability at early stage

2. Progress linked to completion of phase

3. Resource planning

4. Project Risk Management

5. Improvements and Value Engineering

1. The project lifecycle approach provides an opportunity to evaluate the project viability during concept stage where the business case is developed. The gate review process puts the project under scrutiny and it could be the case that there is no business case. For example – new housing development proposal on contaminated land which was found to be technically and commercially not feasible. Therefore the project can be terminated at the concept stage.

2. The project lifecycle provides logical progression throughout the project and recognise the completion of a phase. This can help with increasing the moral and confidence among the project team and will offer indirect benefits to an organisation. For example, design approvals and acceptance for the definition stage will ensure the project go to construction. The team would be highly satisfied with their work efforts and an organisation would benefit from business continuity.

 

3. The resourcing requirements may change during the project lifecycle. The structured lifecycle approach allows the organisation to plan for appropriate level of resources in place at the right time. An example is large amount of resources (numbers and different disciplines) would be required at definition stage compare concept phase for bigger scale infrastructure development project.

4. The most significant difficulty facing a project team is generally the management of risk. A structured lifecycle approach based intermittent review provides important benefits in managing and controlling risk. For example – Risk is identified for construction work close to existing underground services and mitigated/managed by phase-wise investigation i.e. service enquiries and undertaking ground penetration surveys (concept stage), trial pits (definition stage), etc prior to construction.

5. The project lifecycle approach provides an opportunity to plan improvements and seek value engineering to the following phases. This will provide potential cost savings to the client and project. For Example – the drainage scheme requirements in the early phase needs significant lengths of pipes to be laid via micro-tunnelling which can be reduced through design optimisation during the detailed design stage. This will reduced the project cost significantly.