Your thoughts on the following reponse to the above question would be much apreciated:
– A project life cycle provides you with a logical and easily communicated progression through the timeframe of a project. it clearly defines the activities and the outputs to each phase. For example the busines case is the output of the concept phase and activities such as an options appraisal take place during that phase.
– It provides an obvious point to stop a project. That is to say between the end of one phase and the start of another. At these points the business case can be reviewed and the risks to the project considered so that an informed decision can be made as to whether or not the project should progress into the next phase.
– Resource levels can be assessed for each phase. This will enable the organisation to determine the levels of resource required as the project progresses and will allow it to plan rether than react to resource requirements.
– Having project life cycles are important because we can link progress directly to them and recognise the completion of a phase. This provides confidence in stakeholders and ensures them that the project is being properly managed.
– The early stages of the project can be properly managed and controlled by ensuring they pass through phase gate reviews. At these reviews the progress and costs of the project can be assessed against the business case and a formal decision made as to whether or not it should pass into the next phase.