What’s a Project Life Cycle?
The project life cycle can be mapped according to PMBOK in the following structure, whatever its size or complexity (see Figure 1.2).
Figure 1.2 Project life cycle.
The characteristics related to the project life cycle are important to remember when managing a project:
- Cost and staffing levels are low at the beginning, peak as the work is implemented, and drop rapidly as the project draws to a close.
- Stakeholders’ influences and risks are greatest at the beginning of the project. Those factors decrease afterward.
- The ability to influence the final characteristics of the project’s product or output, without significantly affecting cost, is highest at the start of the project and decreases afterward.