UNDERSTANDING THE PROJECT LIFE CYCLE PROCESS

Every project in any industry goes through what is commonly known as the Project Life Cycle Process. This process is a standard structure of how projects start until they end or recur. It is important for any team to understand this process because this is a standard process that assures the success of any project's path. This is the in between that reassures success from a project's conception to when it reaps results. Here are the common steps of the Project Life Cycle Process:

INITIATION

Initiation is where the project is conceived. This part of the project is where it is conceptualized and the vision is established. Here, you draw the problem, the goals, and the feasibility of the project if the resources are enough or if there are any resources required to achieve the end result.

PLANNING

Planning is one of the most important parts as you start to get into the nitty gritty details of the project before you even attempt to act on anything. This is where you start looking at all aspects and list down all the objectives, risks, measurables, timeline, milestones, and all the important information related to your project. This also includes the purpose, vision, and mission of your project. The key here is that you don't miss any details. The more information you have on hand, the better. Here, you set expectations, deliverables, actionable items, and outcomes that you can assess to determine the success of your project. You also need to document your budget and other resources that may be consumed through the whole process from start to finish.

EXECUTION

Execution involves the actual legwork. This is where the actions are performed and the resources are consumed. During this phase, you should always pay attention to your resource consumption, budget monitoring, time tracking, and any challenges. Here, you may find roadblocks that you may not have considered during planning. So, while this phase is ongoing, you'll need to stay in a strategic mindset and work with what you have at the current time. You need to stay on your toes and stay lithe in regards to any directions you'll need to take to make sure that the project yields good results in relation to the goals and objectives you have set during the previous phases.

TERMINATION

Termination is the phase where the execution has been completed and you look at the end results to see if the project was done efficiently. During this phase, you go back to the predetermined measurables set up during the planning stage and you see the actual figures yielded after execution. You will now generate closure reports and do an examination to determine success or completion.

In some cases, termination occurs but the project continues wherein you may determine improvements or repairs in the system. You may implement upgrades that will increase reliability and efficiency. This means as a service provider you will provide Project Life Cycle Support for as long as it's ongoing. As an example, here is the process being followed by Terra Applied Systems.

Sources:

https://www.mavenlink.com/resources/what-is-the-professional-services-project-life-cycle

https://www.invensislea ing.com/resources/pmp/what-is-project-life-cycle-and-its-main-characteristics