Hi, I am looking for someone to write an article on project life cycle Paper must be at least 2000 words. Please, no plagiarized work! Project management involves planning, executing, monitoring and controlling, and closing the project. It is a skill and art required to balance the triple constraints of a project, viz., scope, time, and cost. Project quality is achieved by balancing these three factors. The project risk and uncertainty need to be managed to ensure that none of the project objectives are compromised.
A project goes through three major life cycle phases, viz., initial phase, intermediate phase, and the final phase. These phases are chronologically sequential. During the initial phase of the project, the level of uncertainty and the risk of failure are the highest. The uncertainty and the risk gradually reduce in the final phase of the project. The ability of the stakeholders to influence the final characteristics of the project is the highest during the initial phase, while the cost of change is the lowest. It is always more costly to accommodate a project change later in the life cycle of the project. This is graphically depicted in Fig 2-1. The initial phase of the project involves the conceptualization of the project, developing the project charter, and scope. The project management team is also developed during this phase. The intermediate phase involves the actual project execution – planning, developing baseline schedule and cost, tracking project progress with respect to the baseline. The final phase of the project involves final testing and handing over the system/ product to its final users after obtaining due acceptance from them in line with the scope defined at the beginning.
The project management organization depends on the nature of the project and the company which manages the project. The organization structure could vary from a highly projectized organization where the project manager has almost total authority to functional organizations where the project manager has little control over the functional departments managing the project budget. .