Project Life Cycles

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Business Finance

Project Life Cycles

Project managers invest significant time during the initial stages of a project to determine how they will manage the project, what could go wrong and how they will manage events that are likely to create problems for the project. The type of project and organizational factors such as management and control requirements should be considered as the project manager begins to determine the approach to managing the project. Understanding the characteristics of project life cycles and how they may apply to different types of projects is an important first step.

The project life cycle provides a framework for understanding the processes and methodologies that will be used to conduct project work. A project life cycle is comprised of phases that define the sequence and the boundaries between major project activities. The project life cycle that is used for a given project depends on the type and nature of that project. Understanding project life cycles and phases allows a project manager to more effectively plan, manage, and control projects.

Write a 2- to 3-page paper that provides a description of two different project life cycles. Compare the similarities and differences between the life cycles. Provide an example of a type of project that would be a good fit for each of the project life cycles. Explain why the project life cycle is appropriate for the example projects.

References:

Meredith, J.R., Shafer, S.M., Mantel, Jr., S.J., Sutton, M. (2014). Project management in practice (5th ed.). Hoboken, NJ: Wiley.

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.

Study.com (2017). Functional Areas of a Business: Definition & Groups Chapter 15 Lesson 13. Retrieved on Sept. 06, 2017 from http://study.com/academy/lesson/functional-areas-of-a-business-definition-lesson-quiz.html