CC603 Project Management

Project Life Cycle

WHAT IS PROJECT LIFE CYCLE?

DEFINITION

Project life cycle is refers to “a series of activities which are necessary to fulfil project goals or objectives”.

For convenience we'll call it "PLC". First, a project has, by definition, a start and a finish, while the essence of management is to plan before doing. From this we may conclude that the PLC has five basic sequential periods, namely, start", "plan", "do“, “control”, and "finish". Indeed, the works of many authors recognize that a project, passes through these five major and distinct generic project phases.

Projects vary in size and complexity, but, no matter how large or small, all projects can be mapped to the following life cycle structure:

Project Life cycle

PLANNING

Planning the project is possibly the most important phase in project management. The project manager should write project plans that outline what is being done and what items and actions are needed to do it. These plans will be used throughout the project to more clearly define a plan and make sure it is being executed properly. They can include such steps as:

a.     Estimating resources and time: Figure out what you will need and how much time you’ll need to complete the various stages. This could change at any point along the way and it’s good to make estimates toward both the high and low ends and aim to end up somewhere in the middle.

b.     Identify the order of tasks: Which tasks will take priority or logically come before others?  There are many software programs that can help you organize the sequence of your project.

c.      Execution schedule: This will help outline your implementation in a clear and focused way.

d.     Risk Analysis: Think about different setbacks you could face during the project and make alternate plans for them in the event they do happen.

e.     Communication Systems: Set up standards for reporting progress, setbacks and any changes in plans.

Work breakdown structure

Is a tool project managers use to break projects down into manageable pieces.

Creating a work breakdown structure with Microsoft project

Gantt charts, PERR charts

A work breakdown structure (WBS) is a chart in which the critical work elements, called tasks, of a project are illustrated to portray their relationships to each other and to the project as a whole. The graphical nature of the WBS can help a project manager predict outcomes based on various scenarios, which can ensure that optimum decisions are made about whether or not to adopt suggested procedures or changes.

Role assignment and scheduling

Scheduling is determination of timing of events in the project i.e., When tasks will be performed? Simplistically, It’s a reflection of plan. In other words, planning is how, what and who whereas, Scheduling is When and Why. Schedule can also be defined as detailed plan of the project work tasks with respect to time. 

Scheduling serves as catalyst to communications i.e., Scope, Work Definition, Sequencing & Logic, Resource Allocation and What if Analysis. Scheduling also provides comparison of actual progress against plan and help identify deviations from plan. Scheduling also enables early corrective actions and adjustments to plan.

Funds allocations

'Asset Allocation Fund' A mutual fund that provides investors with a portfolio of a fixed or variable mix of the three main asset classes - stocks, bonds and cash equivalents - in a variety of securities.

Asset allocation mutual funds come in several varieties. Generally, a "balanced fund" implies a fixed mixed of stocks and bonds, such as 60% stocks and 40% bonds. "Life-cycle" or "target-date" funds, which are often used in retirement plans, usually have a mix of stocks, bonds and cash equivalent securities that starts out with a higher risk-return position and gradually become less risky as the investor ages and/or nears retirement. So-called "life-style," or actively-managed asset-allocation funds provide the active management of a fund's asset classes in response to market conditions.

Risk Management

Can come from uncertainty in financial markets, threats from project failures ( at any phase in design, development, production or sustainment life-cycle), legal liabilities, credit risk, accidents, natural causes or disaster.

The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.

Procurement Planning

Good procurement planning and informed decision making are essential to delivering successful results.

Effective procurement planning;

• Establish evidence-based, transparent decision making

• Ensures sufficient research and analysis of the market

• Ensures sufficient with suppliers to inform your options

• Makes government an informed, intelligent customer.

Involving two major types of activities:

• Contracting

• Sub-contracting (where applicable)

Traditional form for procuring is single contracting whereby the main contractor handles all sub-contracting.

In design-built project the contractor handles the procurement responsibility.