Life cycles of the project: the main phases

Life cycles of the project are understood as certain phases through which this or that plan passes in the course of its implementation, as well as functioning. This separation is important not only from the theoretical, but also from the practical point of view, because it gives an opportunity to better control the production process.

Definition of term

The concept of the life cycle of a project implies a certain sequence of stages in implementing an idea about the production or management process. The role of this concept can be expressed in the following statements:

• Determines the duration of the project, clearly indicating the dates of its start and completion;
• Allows you to detail the process of implementing the idea, breaking it into specific phases;
• Gives an opportunity to clearly determine the number of personnel involved, as well as the necessary resources;
• Facilitates the control procedure.

Stages of the life cycle of the project

In the process of implementing a particular idea regarding the production process or other activities at the enterprise, several successive moments can be identified. So, it is customary to distinguish the following stages of the life cycle of the project:

• Initiation - there is a promotion of ideas, as well as the preparation of project documents. A detailed justification is made, as well as marketing research, which will serve as an aid to the implementation of subsequent stages.
• Planning - the definition of the timing of the implementation of the plan, the separation of these processes into specific stages, as well as the appointment of performers and responsible persons.
• Execution - begins immediately after the plans have been approved. Implies the full implementation of all planned activities.
• Completion is the analysis of the obtained data and the control for compliance with their planned. In most cases, this responsibility rests with management.

It should be noted that this division into the stages of the life cycle of the project is very conditional. Each organization has the right to independently detail this process and break it down in stages.

Cycle phases

There are four main phases of the project life cycle, namely:

• Research prior to investing is choosing the best option for the project, negotiating with interested parties, and issuing securities through which capital will be attracted;
• Directly investing, when by means of the sale of shares or other financial instruments the organization receives the funds necessary for the realization of the idea;
• Project operation is a full-scale production process that is carried out according to a pre-designed plan;
• Post-investment study is to assess the effectiveness of the activity, as well as in determining the compliance of the results with the expected.

Features of the project life cycle

Life cycles of the project, as already mentioned above, can be built individually, taking into account the specifics of a particular enterprise. Nevertheless, they all have some common features, namely:

• The largest number of costs and personnel involved in the implementation of the project is in the middle of the cycle. The beginning and the end of this process are characterized by low indicators.
• At the first stage, the highest level of risk is observed, as well as uncertainties and doubts about the successful outcome of the activity.
• At the beginning of the life cycle of the project, participants have tremendous opportunities to make changes and improve methods for achieving their goals. Over time, this becomes more difficult.

Cascade model of project life cycle

Despite the fact that life cycles for each individual project or organization can differ significantly, there are some generally accepted models that can serve as the basic basis. One of the most common is the waterfall, which implies the consistent implementation of each planned action and is characterized by the following features:

• A clear plan of action to achieve the goals;
• For each action a certain list of tasks is defined, as well as mandatory works;
• The introduction of intermediate (control) stages, which will monitor compliance with the previously developed plan.

Spiral model

The life cycles of the project, which are cyclical, are developed according to the spiral model. At each turn, the effectiveness of development is determined in accordance with its value. This model is characterized by the fact that in its development one of the key positions is taken by the risk component, which most often includes the following items:

• Lack of qualified and experienced staff;
• The opportunity to go beyond the budget or not meet the deadlines;
• Loss of the relevance of the development during its implementation;
• The need to make changes in the production process;
• Risks associated with external factors (supply disruptions, changes in the market situation, and so on);
• Mismatch of production capacity to the required level;
• Contradictions in the work of various units.

Incremental model

The life cycles of the project can be considered from the point of view of the incremental model. The most relevant and reasonable use of it will be in the case when complex and large-scale work with a large number of participants is expected. In this case, the volumetric project is divided into many small components, which, being realized in parts, subsequently develop into a large-scale project.

An incremental model does not require a one-time investment of all the required amount of funds. You can gradually make small amounts that cover each of the stages. And since the whole project is divided into small components, it is flexible enough and allows to make corresponding changes at any time. And one of the most important moments is the minimization of risks, which are evenly distributed between phases (increments).

Principles of the Project Life Cycle

The life cycles of the project are characterized by a number of principles, namely:

• Presence of a detailed plan, which clearly spells out all the time periods, terms, participants, as well as indicators in digital terms, which must be achieved based on the results of the work;
• A reporting system should be developed, according to which, at the end of each stage, the compliance of the achieved results with the claimed will be monitored;
• The availability of an analysis system, according to which the future situation can be predicted, with a view to making adjustments;
• The organization must have a system of responding to unforeseen situations so that the work can be directed to the right direction at any stage of the life cycle.

An example of the life cycle of a project

It is important in practice to study the life cycle of the project. An example is the development and production of a new smartphone model. So, at the initial stage, you need to do the following:

• Formulate goals - increase sales, enter new markets;
• Study of the problem - analysis of existing models and consumer needs;
• Study and adjustment of the presented development;
• Drawing up a plan that will reflect the specific implementation time, participants and responsible persons, as well as the budget of this project.

The development stage involves focusing on the main facility and includes:

• The appointment of the project manager - this may be the lead engineer or the person who made this rationalization proposal ;
• Search for sources of financing - attracting investors or using their own reserves;
• If necessary, special equipment, parts and software are procured;
• An analysis of risks that may be related to the actions of competitors or the consumer's response to a new product is conducted.

At the project implementation stage, the immediate process of manufacturing a new smartphone model begins. It is important to continuously monitor the use of resources, compliance with deadlines, and most importantly - the quality and compliance of the results with the planned ones.

At the final stage, all production activities must be completed, and the goods are put on the market (after preliminary tests). Also, there should be a control over the expenditure of the budget and the fulfillment of the deadlines.