The ability of managing projects successfully greatly depends upon the right understanding of the phases and activities that create the project life-cycle. Because any kind of project is “a temporary endeavour undertaken to create a unique product or service” (PMI 2000), it is planned, managed and delivered under a definite life-cycle, or the process of by which the process is implemented. The life-cycle characterizes the constraint of time and defines how soon the project product/service will be produced and delivered. Let’s learn more about the point in this project life-cycle template. We’re going to talk about the definition of project life-cycle and provide an overview of the key phases and activities a conventional project steps through. Please feel free to leave your comments and other feedback.
The gurus of project management point out that a sound risk management plan can decrease the rate of project failure by as much as 60-70 percent. Such a plan in combination with a well-defined risk management process will help the project manager and senior stakeholders to identify and solve most potential problems and also anticipate and respond to changes occurring throughout the project lifecycle. Planning for risk management appears to be critical to project success, allowing the team to prevent loss and avoid jerk reactions.