Stages In A Project Life Cycle

Question 1

According to Baum there are how many stages

Answer 1

According to Baum in 1970 there are 4 stages which are
Identification, preparation, appraisal and selection, implementation but later on around 1978 he introduced a new stage called evaluation

Question 2

The identification stage

Answer 2

This is where we analyze where the project will come from whether it is stemmed from the opportunity to make profitable use of available resources or it could be market based arising from an identified demand locally or internationally

Question 3

The preparation stage also called project formation covers the establishment of technical, economic and financial feasibility

Answer 3

This includes the pre feasibility and feasibility study. The project is now being seriously considered as a definitive investment action and detailed plan of the idea to start implementation
Note: a pre feasibility study is the preliminary study undertaken to determine or analyze the best scenario that will meet up to the budget and set objectives while a feasibility study is

Question 4

The appraisal and selection stage

Answer 4

This is the systematic review of all aspects of a project proposal and the appraisal should cover at least 7 aspects being

• technical aspect
• financial aspect
• commercial aspect
• incentive aspect
• economic aspect
• managerial aspect
• organizational aspect

Question 5

The implementation stage

Answer 5

At this stage funds are actually disbursed to get the project set up and running.this stage is mainly to ensure the project is carried out in the way and within the period that was planned

Question 6

The evaluation stage

Answer 6

Once a project has been carried it is often useful to look back at what took place in order to compare the actual progress to the plan in order to judge whether the decisions and actions taken were useful and responsible