Project Life Cycles Flashcards
What is an iterative project?
It is a project that uses agile techniques to develop creative cycles. Involves breaking down the project into smaller, more manageable parts and continuously improving upon them.
The team work on short term deliverables such as sprints. Allows for flexibility.
What is a hybrid life cycle?
Combination between iterative and linear as one size does not fit all.
Why is a project structured as phases in a linear life cycle?
Because it provides an organised and systematic approach to PM. Each phase represents a stage in the project lifecycle.
- Clear milestones
- Sequential execution
- Resource planning
What is a project life cycle?
A framework comprising a set of distinct high level stages required to transform an idea or concept into reality in an orderly and efficient manner.
What is an extended life cycle?
Often used in industries such as software development where projects may require ongoing updates and upgrades even after the initial project goals have been achieved.
It ensures the project remains relevant and aligned with evolving needs (tech/market) and ensures continuous improvement to termination.
What is a decision gate and what is the benefit?
A decision gate is undertaken at the end of each phase. Senior management assure themselves that the project is still worthwhile with a go/no go decision. Reduces wasted money.
What is a benefit review?
A benefit review is completed once the project has been closed to determine whether the project has met its stated objectives or is on course to meet them. Consider from different viewpoints (sponsor, users etc).
Will be initiated by sponsor and should result in action plans for improvement.
What is an audit and what is the benefit?
Undertaken by independent body, internal or external to the organisation. Provides assurance that the project is being managed correctly and includes a review of the processes and procedures, policies, likely success, lessons learned and engagement of stakeholders.
Transparent, shows maturity, different viewpoints
Why would a Projects close early?
- Major issue could occur
- PESTLE issue
- Benefits overestimated and new info invalidates them
- Funds and staff diverted.
Important to still try and realise some benefits even if prematurely closed.
What is a linear project?
Waterfall approach.
Strict pre-defined project plan with limited room for changes or adjustments once the project starts. Works well for projects with well-defined requirements and stable conditions. Tasks are typically executed step by step with each task dependent on the completion of the one before.
Who could undertake an audit and what if the project fails?
A central PMO should one exist. Or independent body, internal or external to the organisation.
If it fails, then the project may be put on hold until the corrective actions have been implemented.
