Lifecycle Overview
Any project can be broken down into a number of phases and the complexity, risk and value of each project will determine which phases will apply to a particular project. Collectively the project phases are known as the project lifecycle. Typically an important project will commence with a selection phase where the project is selected for further review from a body of possible projects and be followed by one or more study phase(s) where details of the project will be determined. Next the project will be executed, or delivered, in accordance with the baseline determined during the study phase(s), and finally closed out.
PM Pathway summarizes this lifecycle process with the following diagram, with the PM Pathway Project Management Methodology permeating the entire lifecycle.
The following diagram represents a typical project and the project team’s ability to influence the outcome as the project progresses. Clearly the early phases of a project provide the project team with the best opportunity to influence the outcome of the project for the least cost, with the inverse becoming true late in the project.
Having your Project Management Methodology in place early in the lifecycle provides the best opportunity to control the development of your project. This is where PM Pathway can best add value to your project development.
At the end of each phase the project phase deliverables are assessed, the planning for the ongoing project is updated and additional detail is added. This information provides the necessary opportunities to reassess the project and decide to proceed to the next phase, repeat a previous phase (change the direction) or cancel the progress of the project.
This approach helps control the progress and direction of your project, ensuring that the key stakeholders are given the opportunity and information needed to make informed decisions about the project.
