Project Life Cycle alludes to the four-advance process that is trailed by about all project managers while travelling through phases of project development. This is the standard project lifecycle to which many people know and also acquired for development of project or system. The Project Life Cycle gives a system to deal with a project inside a business. Pioneers in project administration have directed research to decide the best procedure to run projects. It has been discovered that following a task life cycle is basic for any administrations association. The Project Life Cycle is the standard procedure by which groups make project progress. Lesser known however developing in prominence, the Professional Services Life Cycle exists in light of the fact that the standard project lifecycle does not fit everybody's needs. The standard task life cycle works for some project directors, yet proficient administrations require a more rigorous process. In proficient administrations, not at all like different organizations, their item is their kin. That is, proficient administrations loan their aptitude to different organizations in return for the benefit. Because of the consistent association of customers, proficient administrations require a one of a kind project life cycle that includes a repeating criticism circle to guarantee to extend achievement.
What is standard Project Life Cycle?
As per Project Management Institute, the project life cycle is very critical for any manager who is involved in the development of the project in order to deliver the project to client successfully. There are generally four phases involved in the standard project life cycle which are described as follows:
- Conceptualisation Phase: This can also be referred to as the initial phase of project development as it is the starting point of any project or idea. In order to begin the conceptualisation phase, a strategic need for the project or service need to be recognised by upper management. In this phase, the problems with the current system in the organisation are recognised. Along with this, specific goals are also defined at this stage.
- Planning Phase: Planning phase in project life cycle is the second phase in which the plans for the development of the project are developed. Once the upper management of the company gives the permission for the development of the project, the basic plans such as outlining initial goals are established. In the planning phase, the project vision or mission are established, and the success criteria are set for the project. The project budget and allocation of the tasks to stakeholders of the project, all are set in the planning phase.
- Execution Phase: The third phase of project life cycle is labelled as execution phase. This is the phase in which actual working of the system is maintained. Various tools, materials and resources are used in this phase in order to achieve the target. In the execution phase, the performance of the system is continually measured in order to make sure the system is working as per requirement of the system. The key purposes involved in execution phase are the strategic planning and implementation planning.
- Closing Phase or Termination phase: Closing phase or termination phase is the last phase of project life cycle which is also known as project closure. This phase begins once the project has been completed. The key factors that are determined in closing phase are like the disbandment of the project team. The personnel and tools are reassigned to new duties for the next project. The resources that are acquired for the project are released back to parent organisation so that it could be used for the further
Professional services lifecycle vs. Standard project life cycle
The standard project life cycle has endured throughout the years despite the growing complexities surrounding project management. There are various complexities involved in the professional services life cycles which are at the critical stage. Therefore, there is need of new life cycle which is required for the success of the project. The person who is part of a professional services team who follows the standard project lifecycle runs the risk of making the same mistakes during the project development.