The five benefits of project lifecycle are listed as below:
1. Assess the project viability at early 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.