Question-3. Explain the various phases in project management life cycle?
Answer: This is the initial phase of any project. In this phase information is collected from the customer pertaining to the project and the requirements are analyzed. The entire project has to be planned and it should be done in a strategic manner. The project manager conducts the analysis of the problem and submits a detailed report to the top project justification, details on what the problem is a method of solving the problem, list of the objectives to be achieved, project budget and the success rate of completing the project. The report must also contain information and the project feasibility, and the risks involved in the project.
Project management life cycle is the integrated part of management. It is attach with project responsibility or failure of a project. For the MBA assignments it is the most valuable chapter in production management.
The important tasks of this phase are as follows:
Specification Requirements Analysis (SRA): It has to be conducted to determine the essential requirements of a project in order to achieve the target.
Feasibility study: To analyze whether the project is technically, economically and practically feasible to be undertaken.
Trade off analysis: To understand and examine the various alternatives which could be considered.
Estimation: To estimate the project cost, effort requires for the project and functionality of various process in the project.
System design: Choose a general design that can fusil the requirements.
Project evolution: Evaluate the project in terms of expected profit, cost and risks involved marketing phase.
A project proposal is prepared by a group of people including the project manager. This proposal has to contain the strategies adopted to market the product to the customers.
Design phase: This phase involves the study of inputs and outputs of the various project stages.
Execution phase: In this phase the project manager and the teams members work on the project objectives as per the plan. At every stage during the execution reports are prepared.
Control – Inspecting, Testing and Delivery phase during this phase. The project team works under the guidance of the project manager. The project manager has to ensure that the team working under his, implements the project designs accurately, the project manager has to ensure ways of managing the customer, perform quality control work.
Closure and post completion analysis phase upon satisfactory completion and delivery of the intended product or service the staff performance has to be evaluated. Document the lessons from the project. Prepare the reports on project feedback analysis followed by the project execution report.
The phase which involve in the above are:
The preparation stage involves the preparation and approval of project outline, project plan and project budget.
The next stage involves selecting and briefing the project team about the proposals followed by discussions on the roles and responsibility of the project member and the organization.
The project management life cycle:
A Life cycle of a project consists of the following:
Understanding the scope of the project
Establishing objectives of the project
Formulating and planning various activities
Project execution and
Monitor and control the project resources