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In order to aid comprehension, a categorisation of the range of life cycles is proposed, grouping them into Scenarios (strategic life cycles), Approaches (flows and interactions) and Models (methodology frameworks).
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The project life cycle acts as an important management tool focusing on the allocation of resources, the availability of key individuals, the integration of activities, the support of timely decision making, the reduction of risk and the provision of control and governance mechanisms.
"The most complex phase in the project life cycle (project execution) is made simple in Chapter 4 with a step by step guide to the nine critical management processes: time management, cost management, quality management, change management, risk management, issue management, procurement management, acceptance management and communications managem...
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The addition of the Project Incubation Phase and the Post-Project Evaluation Phase to the standard top-level project life cycle model produces a truly realistic and comprehensive project life cycle model that recognizes the importance of each of these phases.
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A life cycle provides a basic framework for managing a project, and the phases of the chosen life cycle do not change based on the specific project work required. Most projects, even those with just one phase, are typically planned and executed using what is called progressive elaboration.
In defining a PMM life cycle, we are asserting that PMMs have a limited life, that the use of a PMM passes through all stages of the life cycle and that, at each stage, different challenges and opportunities are presented to the organisation using the PMM.
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What is a project life cycle model?
The lifespan or time taken to complete a project by completing different activities during the different stages of the project is called the PMLC (Project Management Life Cycle). This lifecycle describes the project and sets different stages from beginning to the handover of the project.