Project Life Cyle Flashcards
1
Q
What is the Project Life Cycle?
A
Projects are developed to create a product.
2
Q
What are some characteristics of Project Life Cycle?
A
As time passes, 1) Stakeholder influence, risk and uncertainty decreases, 2) Cost of change increases; as works is completed but need changes, costs will increase to redo.
3
Q
What is the Product Life Cycle?
A
Deals with 1) Time and 2) Sales.
4
Q
What are the 4 Phases of Product Life Cycle?
A
1) Introduction, 2) Growth, 3) Maturity, 4) Decline
5
Q
What phase do companies make the most money in Product Life Cycle?
A
Maturity
6
Q
Spending rate is highest during what phase of Product Life Cycle?
A
Spending rate is at its highest during the peak of the execution process group.
