![]() ![]() What will be the possible milestones, budget, and required time period related to the project?.What is the issue being faced by the client and how can you resolve it?.So the following questions can be asked at this stage to better understand the purpose of this crucial phase of the project life cycle. This stage must not be confused with the term “scope of work” as it is only the measure of required steps that may or may not be taken by a project manager in order to proceed with the project. At this stage, both the relevant business teams and project’ stakeholders can conduct several meetings to further decide what needs to be done and whatnot. Now, at this stage, the project team will analyze different factors related to that problem and think of some ideas to tackle the concerning issue. For example, a business owner is running an online store and he is not getting enough sales there. Different teams may brainstorm together to discuss what potential problems can be solved after the completion of the project. In this way, you will have a clear idea of what type of problems will be solved and what will be the core objective of your project. In the beginning, you need to question yourself about why you are going to initiate a specific project. The phases of a project life cycle are sometimes known as project management phases. Just like any other business mechanism, the project life cycle is further divided into five phases/stages that are the stepping stones for achieving any project’s ultimate results. The project life cycle is further broken down into five stages which are given as follows. It also plays a decisive role in the ultimate project management and completion. It helps in planning the outcomes of a project and further categorizes those outcomes for their effective accomplishment. It defines a proper strategy that can be followed by different teams linked with the project in order to facilitate a project manager. The project life cycle helps in maintaining the momentum of the project by defining the exact and as the same place thorough steps that need to be followed throughout the project’s journey. To counter this unfortunate issue of project failure, the process of the project life cycle can greatly help the project managers and business owners. There may be many reasons behind this shocking fact like inaccurate project inputs, ineffective project stakeholders and shifting project dynamics with improper planning, etc. There are some well-known stats that say 70% of the projects that are initiated and worked on by different global organizations fail ultimately, and 17% of IT projects go so badly, they threaten the existence of the company ( source). ![]() What is the significance of the project life cycle? Having a sound knowledge of the project lifecycle may prove to be significant for business owners and project managers as it allows them to carefully plan, execute and complete their business projects in an efficient and timely manner. It allows a project manager to further divide the processes and milestones of a project into smaller tasks so that their completion and management becomes easy. The project life cycle is considered as a set of steps that are necessary to be followed by a project manager in order to manage and ultimately complete a project. What is its importance for businesses? What are some stages of the project life cycle? This article covers all the aspects that you need to know about the project life cycle. A project’s life cycle is a process in which a project manager visualizes the whole project in the form of actionable steps and phases to achieve the desired results in a defined time period. But how can the project be completed in a way as desired by its stakeholders? Is there a systematic method through which a project manager can accomplish his project’s milestones more effectively? The answer is the Project Life Cycle. The project manager tries to incorporate all of the relevant and beneficial suggestions, steps, and methodologies to get the desired results. There are many stakeholders of a project in the arena of the business world. ![]() Whenever a project starts, it passes from various stages and processes until it gets completed. ![]()
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