Project Life Cycle

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

The Project Life Cycle refers to the four-step process that is followed by nearly all project managers when moving through stages of project completion. This is the standard project life cycle most people are familiar with. The Project Life Cycle provides a framework for managing any type of project within a business. Leaders in project management have conducted research to determine the best process by which to run projects. It has been found that following a project life cycle is critical for any services organization.
The Project Life Cycle is the standard process by which teams achieve project success. Lesser known but growing in popularity, the Professional Services Life Cycle exists because the standard project life cycle does not fit everyone’s needs. The standard project life cycle works for some project managers, but professional services need a more robust process. In professional services, unlike other businesses, their product is their people. That is, professional services lend their expertise to other companies in exchange for profit. Due to the constant involvement of clients, professional services require a unique project life cycle that involves a recurring feedback loop to ensure project success.
First, let’s dig into the standard definition of a project life cycle and then we can see how the Professional Service Life Cycle compares to the standard.

What is the “Standard” Project Life Cycle?

According to the Project Management Institute, the project life cycle is critical for any managers hoping to deliver projects to clients successfully. Let’s take a look at the steps involved.

The Project Phases Involved:

• Phase 1: The Conceptualization Phase
• Phase 2: The Planning Phase
• Phase 3: The Execution Phase
• Phase 4: The Termination Phase

Phase #1: The Conceptualization Phase

This can also be referred to as the ‘Initiation Phase’ and is the starting point of any project or idea. For the Conceptualization Phase to begin, a strategic need for the project or service must be recognized by upper management.

Ask yourself the following questions during Conceptualization:

• What is the problem?
• Will the development of a project solve that problem?
• What are the specific goals of the project?
• Do we have enough resources to create and support the project?

The Conceptualization Phase typically involves:

• Creation of the statement of work (SOW).
• Presenting the business case.
• Creation of a business contract.

Phase #2: The Planning Phase

The second phase of the project management life cycle is referred to as the Planning Phase. Once management has given the OK to launch a project, a more formal set of plans—outlining initial goals—is established.

Ask yourself the following questions during Planning:

• What is the project purpose, vision, or mission?
• Are there measurable objectives or success criteria?
• Do you have a high level description of the project, requirements and risks?
• Can you adequately schedule and budget high level milestones?

The Planning Phase typically involves:

• Determining resource availability.
• Creating a project budget.
• Beginning to allocate tasks to certain resources.

Phase #3: The Execution Phase

The third phase is labeled Execution. This is when the actual work of the project is performed. Required materials, tools, and resources are transformed to reach the project goals. During this phase, performance is continually measured to ensure the project is successful.

Ask yourself the following questions during Execution:

• Are all resources being tracked?
• Is the project on budget and on time?
• Can resource planning be optimized?
• Are there major roadblocks that require change management?

The Execution Phase typically involves:

• Strategic planning.
• Implementation planning.

Phase #4: The Termination Phase

The fourth and final phase is called Termination Phase, also referred to as Project Closure. This phase begins once the project has been completed.

The Termination Phase typically involves:

• The disbandment of the project team.
• Personnel and tools are reassigned to new duties.
• Resources released back to parent organization.
• Project transferred to intended users.

Ask yourself the following questions during Termination:

• Are the project’s completion criteria met?
• Is there a project closure report in progress?
• Have all project artifacts been collected and archived?
• Has a project postmortem been planned?