A Business Project Lifecycle

24 December 2010

A business project lifecycle is a cyclic pattern of events that occur during the course of developing a deliverable by a company. There are four different stages in which a deliverable goes thru while being developed within this business. Each different stage contributes to the deliverable in a different way.

The initiation stage of a project lifecycle includes the creation of the business case that establishes the scope and goals of the project. These two components are developed and approved by the stakeholders of the project. All other aspects and parts of the project are dependent on them to guide the project and its deliverable so the expected results can be obtained.

Along with the business case in the initiation stage of the project lifecycle are the feasibility study of the deliverable and the project charter that clearly defines the intentions of the stakeholders. This is also the stage when the decision on who will be a part of the project team is decided.

The next stage in the project lifecycle is the planning stage. This is where a great deal of documentation and forethought must be placed into how, when, with what and where the deliverable is to be created. These documents must include the project plan, the financial plan, the resource plan, the quality plan, the risk assessment plan, the communication plan and a plan for the acceptable criteria for the deliverable to achieve.

The execution phase of the project lifecycle is where all the planning and effort is put into action. This is where the actual deliverable is created, checked and approved. The monitoring and control of all the previously documented plans are activated and put to use. The better job that is done in the planning stage will be beneficial to the execution stage by preventing delays and issues during the production phase of the life cycle.

The last stage of the project lifecycle is the closure phase. This is where everything that has already occurred is verified to make sure it all followed the original scope and goals of the business plan. Once this is all done and checked off the project can be considered closed or completed.