PROJECT LIFE CYCLE
The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Starting phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize resources for each activity, and also objectively measure achievement of goals and justify their decisions to move ahead, correct, or terminate. It is of great importance to organize project phases into industry-specific project cycles. Why? Not only because each industry sector involves specific requirements, tasks, and procedures when it comes to projects, but also because different industry sectors have different needs for life cycle management methodology. And paying close attention to such details is the difference between doing things well and excelling as project managers.
Diverse project management tools and methodologies prevail in the different project cycle phases. Let’s take a closer look at what’s important in each one of these stages:
Project Initiation:
The initiation stage determines the nature and scope of the development. If this stage is not performed well, it is unlikely that the project will be successful in meeting the business’s needs. The key project controls needed here are an understanding of the business environment and making sure that all necessary controls are incorporated into the project. Any deficiencies should be reported and a recommendation should be made to fix them.
The initiation stage should include a plan that encompasses the following areas:
Analyzing the business needs/requirements in measurable goals.
Reviewing of the current operations.
Conceptual design of the operation of the final product.
Equipment and contracting requirements including an assessment of long lead time items.
Financial analysis of the costs and benefits including a budget.
Stakeholder analysis, including users, and support personnel for the project.
Project charter including costs, tasks, deliverables, and schedule.
Planning & Design:
After the initiation stage, the system is designed. Occasionally, a small prototype of the final product is built and tested. Testing is generally performed by a combination of testers and end users, and can occur after the prototype is built or concurrently. Controls should be in place that ensures that the final product will meet the specifications of the project charter. The results of the design stage should include a product design that:
- Satisfies the project sponsor (the person who is providing the project budget), end user, and business requirements.
- Functions as it was intended.
- Can be produced within acceptable quality standards.
- Can be produced within time and budget constraints.
Execution & Controlling:
Monitoring and Controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan.
Monitoring and Controlling includes:
Measuring the ongoing project activities (where we are);
Monitoring the project variables (cost, effort, scope, etc.) against the project management plan and the project performance baseline (where we should be);
Identify corrective actions to address issues and risks properly (How can we get on track again);
Influencing the factors that could circumvent integrated change control so only approved changes are implemented
In multi-phase projects, the Monitoring and Controlling process also provides feedback between project phases, in order to implement corrective or preventive actions to bring the project into compliance with the project management plan.
Project Maintenance is an ongoing process, and it includes:
Continuing support of end users
Correction of errors
Updates of the software over time
In this stage, auditors should pay attention to how effectively and quickly user problems are resolved.
Over the course of any IT project, the work scope may change. Change is normal and expected part of the process. Changes can be the result of necessary design modifications, differing site conditions, material availability, client-requested changes, value engineering and impacts from third parties, to name a few. Beyond executing the change in the field, the change normally needs to be documented to show what was actually developed. This is referred to as Change Management. Hence, the owner usually requires a final record to show all changes or, more specifically, any change that modifies the tangible portions of the finished work. The record is made on the contract documents – usually, but not necessarily limited to, the design drawings. The end product of this effort is what the industry terms as-built drawings, or more simply, “as built.”
When changes are introduced to the project, the viability of the project has to be re-assessed. It is important not to lose sight of the initial goals and targets of the projects. When the changes accumulate, the forecasted result may not justify the original proposed investment in the project.
After the initiation stage, the system is designed. Occasionally, a small prototype of the final product is built and tested. Testing is generally performed by a combination of testers and end users, and can occur after the prototype is built or concurrently. Controls should be in place that ensures that the final product will meet the specifications of the project charter. The results of the design stage should include a product design that:
- Satisfies the project sponsor (the person who is providing the project budget), end user, and business requirements.
- Functions as it was intended.
- Can be produced within acceptable quality standards.
- Can be produced within time and budget constraints.
Execution & Controlling:
Monitoring and Controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan.
Monitoring and Controlling includes:
Measuring the ongoing project activities (where we are);
Monitoring the project variables (cost, effort, scope, etc.) against the project management plan and the project performance baseline (where we should be);
Identify corrective actions to address issues and risks properly (How can we get on track again);
Influencing the factors that could circumvent integrated change control so only approved changes are implemented
In multi-phase projects, the Monitoring and Controlling process also provides feedback between project phases, in order to implement corrective or preventive actions to bring the project into compliance with the project management plan.
Project Maintenance is an ongoing process, and it includes:
Continuing support of end users
Correction of errors
Updates of the software over time
In this stage, auditors should pay attention to how effectively and quickly user problems are resolved.
Over the course of any IT project, the work scope may change. Change is normal and expected part of the process. Changes can be the result of necessary design modifications, differing site conditions, material availability, client-requested changes, value engineering and impacts from third parties, to name a few. Beyond executing the change in the field, the change normally needs to be documented to show what was actually developed. This is referred to as Change Management. Hence, the owner usually requires a final record to show all changes or, more specifically, any change that modifies the tangible portions of the finished work. The record is made on the contract documents – usually, but not necessarily limited to, the design drawings. The end product of this effort is what the industry terms as-built drawings, or more simply, “as built.”
When changes are introduced to the project, the viability of the project has to be re-assessed. It is important not to lose sight of the initial goals and targets of the projects. When the changes accumulate, the forecasted result may not justify the original proposed investment in the project.
Closure:
Closing includes the formal acceptance of the project and the ending thereof. Administrative activities include the archiving of the files and documenting lessons learned.
This phase consists of:
Project close: Finalize all activities across all of the process groups to formally close the project or a project phase.
Contract closure: Complete and settle each contract (including the resolution of any open items) and close each contract applicable to the project or project phase.
Sample Questions
1. Why is there a new or renewed interest in the field of project management?
2. What is a project, and what are its main attributes? How is a project different from what most people do in their day-to-day jobs? What is the triple constraint?
3. What is project management? Briefly describe the project management framework, providing examples of stakeholders, knowledge areas, tools and techniques, and project success factors.
4. Discuss the relationship between project, program, and portfolio Management and their contribution to enterprise success.
5. What are the roles of the project, program, and portfolio managers? What are suggested skills for project managers? What additional skills do program and portfolio managers need?
Closing includes the formal acceptance of the project and the ending thereof. Administrative activities include the archiving of the files and documenting lessons learned.
This phase consists of:
Project close: Finalize all activities across all of the process groups to formally close the project or a project phase.
Contract closure: Complete and settle each contract (including the resolution of any open items) and close each contract applicable to the project or project phase.
Sample Questions
1. Why is there a new or renewed interest in the field of project management?
2. What is a project, and what are its main attributes? How is a project different from what most people do in their day-to-day jobs? What is the triple constraint?
3. What is project management? Briefly describe the project management framework, providing examples of stakeholders, knowledge areas, tools and techniques, and project success factors.
4. Discuss the relationship between project, program, and portfolio Management and their contribution to enterprise success.
5. What are the roles of the project, program, and portfolio managers? What are suggested skills for project managers? What additional skills do program and portfolio managers need?
