ASSIGNMENT DRIVE

PROGRAM
SEMESTER
SUBJECT CODE & NAME
BK ID
CREDIT & MARKS

WINTER 2014
MBA/ MBADS/ MBAFLEX/ MBAHCSN3/
PGDBAN2
II
MB 0049 - PROJECT MANAGEMENT
B1632
4 CREDITS, 60 MARKS

1 Project Life Cycle:

The project life-cycle definition will
determine whether the feasibility
study is treated as the first project
phase or as a separate project.
The project life-cycle definition will
also determine which transitional
actions at the beginning and the end
of the project are included and which
are not.
In this manner, the project life-cycle
definition can be used to link the
project to the ongoing operations of
the performing organization.

The Project Life Cycle refers to a

logical sequence of activities to

accomplish the projects goals or

objectives.
Regardless of scope or complexity,
any project goes through a series of
stages during its life.
There is first an Initiation or Birth
phase, in which the outputs and
critical success factors are defined.
Followed by a Planning phase,
characterized by breaking down the
project into smaller parts/tasks.
Execution phase, in which the project
plan is executed.
And lastly a Closure or Exit phase, that
marks the completion of the project.
Project activities must be grouped into
phases. The project manager and the
core team can efficiently plan and
organize resources for each activity.

 And also objectively measure

achievement of goals and justify their
decisions to move ahead, correct, or
terminate.
It is a great importance to organize
project phases into industry-specific
project cycles.
How to effect Project Life Cycle to
the Organization:
The project life cycle serves to define
the beginning and the end of a project.
For example, when an organization
identifies an opportunity to which it
would like to respond and will often
authorize a feasibility study to decide
whether, it should undertake the
project or not.
The project life-cycle definition will
determine whether the feasibility
study is treated as the first project

phase or as a separate standalone

project.
The project life-cycle definition will
also determine which transitional
actions at the beginning and the end
of the project are included and which
are not.
Project life cycles generally
define:
What technical work should be done in
each phase (e.g., is the work analyst
part of the definition phase or part of
the execution phase)?
Who should be involved in each phase
(e.g., resources who need to be
involved with requirements and
design)?
Project life-cycle descriptions may be
very general or very detailed.

 Highly detailed descriptions may have

numerous forms, charts, and
checklists to provide structure and
consistency. Such detailed approaches
are often called project management.
In this manner, the project life-cycle
definition can be used to link the
project to the ongoing operations of
the performing organization.
Stages of PLC:
1) Initiation:
In this first stage, the scope of the
project is defined along with the
approach to be taken to deliver the
desired outputs.
The most common tools or
methodologies used in the initiation
stage are Project Charter, Business
Plan, Project Framework (or Overview),

Business Case Justification, and

Milestones Reviews.
2) Planning:
The second phase should include a
detailed identification and assignment
of each task until the end of the
project.
It should also include a risk analysis
and a definition of criteria for the
successful completion of each
deliverable.
The most common tools or
methodologies used in the planning
stage are Business Plan and
Milestones Reviews.
3) Execution and controlling:
The most important issue in this phase
is to ensure project activities are
properly executed and controlled.

 During the execution phase, the

planned solution is implemented to
solve the problem specified in the
project's requirements.
4) Closure:
In this last stage, the project manager
must ensure that the project is
brought to its proper completion.
The closure phase is characterized by
a written formal project review report.

3. The Project Life Cycle (Phases)

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Adrienne Watt

The project manager and project team have one shared goal: to carry out the work of the
project for the purpose of meeting the projects objectives. Every project has a beginning,
a middle period during which activities move the project toward completion, and an
ending (either successful or unsuccessful). A standard project typically has the following
four major phases (each with its own agenda of tasks and issues): initiation, planning,
implementation, and closure. Taken together, these phases represent the path a project
takes from the beginning to its end and are generally referred to as the project life
cycle.

Initiation Phase

During the first of these phases, the initiation phase, the project objective or need is
identified; this can be a business problem or opportunity. An appropriate response to the
need is documented in a business case with recommended solution options. A feasibility
study is conducted to investigate whether each option addresses the project objective and
a final recommended solution is determined. Issues of feasibility (can we do the
project?) and justification (should we do the project?) are addressed.
Once the recommended solution is approved, a project is initiated to deliver the approved
solution and a project manager is appointed. The major deliverables and the participating
work groups are identified, and the project team begins to take shape. Approval is then
sought by the project manager to move onto the detailed planning phase.

Planning Phase

The next phase, the planning phase, is where the project solution is further developed in
as much detail as possible and the steps necessary to meet the projects objective are
planned. In this step, the team identifies all of the work to be done. The projects tasks
and resource requirements are identified, along with the strategy for producing them. This
is also referred to as scope management. A project plan is created outlining the
activities, tasks, dependencies, and timeframes. The project manager coordinates the
preparation of a project budget by providing cost estimates for the labor, equipment, and
materials costs. The budget is used to monitor and control cost expenditures during
project implementation.
Once the project team has identified the work, prepared the schedule, and estimated the
costs, the three fundamental components of the planning process are complete. This is an
excellent time to identify and try to deal with anything that might pose a threat to the
successful completion of the project. This is called risk management. In risk
management, high-threat potential problems are identified along with the action that is
to be taken on each high-threat potential problem, either to reduce the probability that the
problem will occur or to reduce the impact on the project if it does occur. This is also a
good time to identify all project stakeholders and establish a communication plan
describing the information needed and the delivery method to be used to keep the
stakeholders informed.
Finally, you will want to document a quality plan, providing quality targets, assurance,
and control measures, along with an acceptance plan, listing the criteria to be met to gain
customer acceptance. At this point, the project would have been planned in detail and is
ready to be executed.

Implementation (Execution) Phase

During the third phase, the implementation phase, the project plan is put into motion and
the work of the project is performed. It is important to maintain control and communicate
as needed during implementation. Progress is continuously monitored and appropriate
adjustments are made and recorded as variances from the original plan. In any project, a
project manager spends most of the time in this step. During project implementation,
people are carrying out the tasks, and progress information is being reported through
regular team meetings. The project manager uses this information to maintain control
over the direction of the project by comparing the progress reports with the project plan
to measure the performance of the project activities and take corrective action as needed.
The first course of action should always be to bring the project back on course (i.e., to
return it to the original plan). If that cannot happen, the team should record variations
from the original plan and record and publish modifications to the plan. Throughout this
step, project sponsors and other key stakeholders should be kept informed of the projects
status according to the agreed-on frequency and format of communication. The plan
should be updated and published on a regular basis.
Status reports should always emphasize the anticipated end point in terms of cost,
schedule, and quality of deliverables. Each project deliverable produced should be
reviewed for quality and measured against the acceptance criteria. Once all of the
deliverables have been produced and the customer has accepted the final solution, the
project is ready for closure.

Closing Phase

During the final closure, or completion phase, the emphasis is on releasing the final
deliverables to the customer, handing over project documentation to the business,
terminating supplier contracts, releasing project resources, and communicating the
closure of the project to all stakeholders. The last remaining step is to conduct lessonslearned studies to examine what went well and what didnt. Through this type of analysis,
the wisdom of experience is transferred back to the project organization, which will help
future project teams.

Every project management life cycle contains five steps: Initiation, Planning, Execution,
Monitoring/Control and Closure. No one step is more important than the other and each
step plays a crucial role in getting your project off the ground, through the race, down
the stretch and across the finish line. eval(ez_write_tag([[336,280],'brighthubpm_combox-1']));

1) Initiation In this first step you provide an over-view of the project in addition to the
strategy you plan on using in order to achieve the desired results. During the Initiation
phase youll appoint a project manager who in turn - based on his or her experience and
skills - will select the required team members. And lest you think you need to be a Bill
Gates or Donald Trump in order to see your project take on a life of its own, fear not:
there are some great technological tools available to get you through the Initiation
phase of the project management life cycle.
2) Planning The all-important second step of any successful project management life
cycle is planning and should include a detailed breakdown and assignment of each task
of your project from beginning to end. The Planning Phase will also include a risk
assessment in addition to defining the criteria needed for the successful completion of
each task. In short, the working process is defined, stake holders are identified and
reporting frequency and channels explained.
3 & 4) Execution and Control Steps Three and Four take you into deeper water. When
it comes to the project management cycle, execution and control just may be the most
important of the five steps in that it ensures project activities are properly executed and
controlled. During the Execution and Control phases, the planned solution is
implemented to solve the problem specified in the project's requirements. In product and
system development, a design resulting in a specific set of product requirements is
created. This convergence is measured by prototypes, testing, and reviews. As the
Execution and Control phases progress, groups across the organization become more
deeply involved in planning for the final testing, production, and support. 5) Closure By
the time you reach
Step Five - Closure - the project manager should be tweaking the little things to ensure
that the project is brought to its proper conclusion. The Closure phase is typically
highlighted by a written formal project review report which contains the following
elements: a formal acceptance of the final product (by the client), Weighted Critical
Measurements (a match between the initial requirements laid out by the client against
the final delivered product), lessons learned, project resources, and a formal project
closure notification to higher management. The Project Management Cycle saves time
and keeps everyone on the team focused.
2)Question:.
The feasibility study is an evaluation and analysis of the potential of a proposed project. It is
based on extensive investigation and research to support the process of decision making.
Overview[edit]

Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an
existing business or proposed venture, opportunities and threats present in the environment, the

resources required to carry through, and ultimately the prospects for success.[1][2] In its simplest
terms, the two criteria to judge feasibility are cost required and value to be attained.[3]
A well-designed feasibility study should provide a historical background of the business or
project, a description of the product or service, accounting statements, details of the operations
and management, marketing research and policies, financial data, legal requirements and tax
obligations.[1] Generally, feasibility studies precede technical development and project
implementation.
A feasibility study evaluates the project's potential for success; therefore, perceived objectivity is
an important factor in the credibility of the study for potential investors and lending institutions.
[citation needed]
It must therefore be conducted with an objective, unbiased approach to provide
information upon which decisions can be based.

Economic feasibility:
Economic analysis is the most
frequently used method for evaluating
the effectiveness of a new system.
More commonly known as cost/benefit
analysis, the procedure is to determine
the benefits and savings that are
expected from a candidate system and
compare them with costs.
Economicfeasibility of project to generate
economic benefits. Benefit-cost analysis and
break-even analysis will be necessary.