Understanding Project Life Cycles Flashcards
What is a project life cycle
A life cycle defines the inter-related phases of a project, programme or portfolio and provides a structure for governing the progression of the work.
Linear (Waterfall) Life Cycles
- These are sequenced into a set of distinct phases, from the development of the initial concept to the deployment of an ultimate outcome, output or benefits.
- This approach aims to be highly structured, predictable and stable.
Iterative (Agile) Life Cycle
- Composed of several iterations, which repeat one or more of the phases before proceeding to the next one.
- Iterative approaches can only proceed when user feedback is available to be used as the basis for initiating new cycles of development, refinement and improvement.
- Hybrid life cycles typically fuse together elements to create a new model or approach. E.g. utilising iterative or agile methods for early requirements gathering, where the uncertainty is greatest, and following it up with incremental or sequential processes to formalise deployment.
Other types of life cycle - Incremental
- Where the target state is achieved through a staged series or smaller.
Other types of life cycle - Evolutionary
- Where deployment entails a number of major transitions, each based on user feedback from the preceding.
A typical life cycle might consist of 4 phases as follows:
1- Concept
> This phase develops an initial idea and creates an outline business case and schedule.
> A sponsor is appointed, and, if possible, a project manager.
> Sufficient analysis must be performed to enable senior managers, led by the project sponsor, to make two decisions:
i) is the project likely to be viable?
ii) is it definitely worth investing in the definition phase?
2 - Definition
> The preferred solution is identified and ways of achieving it are refined.
> The project management plan (PMP) is developed.
> This, together with the business case, has to be approved by the sponsor before progressing to the next phase.
3 - Deployment
> Implementation of plans and verification of performance through testing and assurance to realise intended outputs, outcomes, and benefits.
> This phase may be broken down into further stages at the end of which the continuing viability of he project can be reviewed.
4 - Transition
> Handover the outputs to Business As Usual.
> Handover, commissioning and acceptance of outputs to the sponsor and wider users, culminating in formal project closure.
Extended Project Life Cycle and Product Life Cycle
The extended project and product life cycle includes Operational and Termination phase in addition to the phases of product life cycle.
Extended Project Life Cycle and Product Life Cycle - Operations Life Cycle
- This project deliverables are utilised with possible on-going support and maintenance being provided;
- It is also during this phase the a formal review of the realised benefits will be undertaken.
- Key actions include: > Operation > Maintenance > Benefits realisation > Post-investment reviews > Life extension initiatives > Lessons learned initiatives
Extended Project Life Cycle and Product Life Cycle - Termination Life Cycle
- Project assets are disposed of in an appropriate manner. > Disposal > Environmental assessments > Disbanding of operations team > Lessons learned
Knowledge Management
- The holistic cross-functional discipline and a set of practices concerned with the way organisations create and use knowledge to improve outcomes.
Information Management
- The collection, storage, curation, dissemination, archiving and destruction of documents, images, drawings and other sources of information.
Decision making
- Teams and stakeholders need to make decisions in a timely manner to ensure their tasks are cost-efficient and not holding up the project duration.
- Ill-informed decisions lead to mistakes or do-overs.
- Project professionals need reliable information to ensure their evidence and quality assurance is accurate.
- Project audits ensure all decisions are based on consistent evidence and can also gather information to inform decision gates.
Reviews
- Can be triggered by events e.g. the delivery of a product or completion of a stage of by the passage of time for e.g. quarterly or six-monthly reviews.
- The frequency, conduct, and scheduling of reviews is set out in the quality management plan.
Benefits of Conduction Reviews
- Project reviews are necessary for a variety of reasons.
- Benefit of a formal examination of a project’s health might include:
> Better decision-making
>Objective review of a project’s health
> Improved governance of projects
> Sharing of lessons learned (and the subsequent improvement of technical and management processes)
>More timely implementation of corrective action
> Increased stakeholder confidence (including senior management, project funders and customers)
> Increased likelihood of project success (this include achievement of the agreed success criteria and realisation of benefits)
Reasons for Early Closure
- Planned objectives are unachievable; the project cannot fulfil its purpose
- No longer viable business case
- When the cost of time and resources exceeds the benefit of the outcomes i.e. no longer evidence to support sufficient value
- Wider organisational objectives take priority
- Early closure should be seen as a positive and proactive decision, rather than a failure.
