There are some general characteristics of project life. But before I tell you what those unique characteristics are, I need to let you know some facts about project life cycle that might be of interest to you.
What Project lifecycle is…
According to mavenlink on their blog, the project life cycle can be seen as a series of stages that you move a project through from the beginning to the completion of a project. It is what guides project teams to achieve success.
The Project life cycle as a tool can consist of four or five stages that a project passes through from the beginning of that project to the end of the project. The type of project been undertaken will determine the general characteristics of such a project. Besides that, there are some general characteristics that you should know about project life cycle as well.
There is some common project life cycle in any organisation which might include:
Initiating, planning, executing, monitoring and controlling and closing. Discussing what they meant is not my focus for this article. Let’s get into the discussion.
At the beginning of a project, the cost and staffing for the project are very low as not many people are needed for the project at this stage of the project. The cost and staffing expenses always reach their peak when the project reaches the executing stage.
Also, the risk associated with projects is very high at the beginning of the project. This does not have to do with whether the Project Manager is in a risk-averse or risk-seeking environment. The risk of the project will start fading off when the project begins.
Above all, the cost of implementing changes is very low when the project is just starting off. You will spend more to implement changes when your projects have reached an advanced stage. That is why you need to get the project requirements right at the start of the project.
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