PROJECT LIFE CYCLE
KARTHIK REDDY VELLORE CHANDRA SHEKAR
WILMINGTON UNIVERSITY

Project Life Cycle
The ultimate goal of an organization or the project manager is to complete the given project by best utilizing available resources. For this purpose the Project life cycle is carried out in four phases. These phases can be illustrated as follows:
1. Initiation:
Actual purpose of the project is defined in this phase. The needs of the project and the ways to procure resources to satisfy the needs are identified. Opportunities that are available to carry out the project are also a crucial identification in this phase. Project documentation is carried out and a project manager is assigned. Tasks are assigned to different personnel of the organization and their responsibilities are pointed out. If the documentation is approved, the project gets started and moves to the planning phase.
2. Planning:
In this phase of project life cycle, the solutions for the problems identified in the initiation phase are more rigorously developed. The tasks that are to be allocated to different peoples are identified. A strategic plan to achieve the objectives is formulated and a necessary action criterion is well planned. The time frame in which the project should be completed is defined, so that it does not exceed the expected time limit. Cost estimates for different resources like labor, material are identified. By this, the cost factor can be controlled.
3. Execution:
This is the most important phase of the project life cycle where the project manager allots his most of his time. The entire plan which is formulated in the planning phase is kept into action according to the procedure formulated. Control over the execution and communication between various people participating in the project is very crucial, if it is weak, the entire project may come to halt. Regular team meetings are conducted to discuss the progress of the project at regular intervals of time. The expectations and the outcome of the project are measured and if any variance is observed, it is immediately communicated to the manager. The key persons related to the project and stakeholders are to be kept informed about the variances in the project and the changes made to substantiate them. At last, the customer has to be satisfied with the outcome of the project; even some changes are made according to the variations.
4. Closing:
This is the final phase of the project life cycle where the project is completed and transferred to the customer. Training is also provided to the customers, so that it will be hassle free in its operation. Customer will be satisfied when his expectations and the project outcomes are met. All the contracts which are signed by the organization and the customer regarding the project are terminated. A detailed evaluation of the entire project is done and people in the organization learn from the outcomes of the evaluation.
Example
One of the MNC Company got contract for a copper mine in Argentina, South America. The four phases of the