Introduction to Management, Practice and Law (Lecture Week #02)

What is the Project Lifecycle?

It describes what you need to do, to perform the work of the project and to manage the project.
project lifecycle divided into Process groups according to PMI:

• Initiating Process Group (Starting/Initiation)
• Planning Process Group (Organising/Planning/Preparing)
• Executing & Controlling Process Group (Carrying out the Work)
• Closing Process Group

What is the Importance of Lifecycle ?

It divides the project into phases that provide better management control and the appropriate links to the ongoing operations of the organisation.

Characteristics of Life Cycle

Cost and staffing levels are low at the start, higher towards the end, and drop as project closes.
Each process group resulting a deliverable

Stakeholders influence, Risk, and Uncertainty generally decreases as the project continues
Cost of changes, cost of error correction, and Probability of project success generally increases as the project continues.