Project Lifecycle
Effectively steering a project from conception to completion necessitates a structured approach. The Project Management Lifecycle (PMLC) offers a well-established framework to ensure efficient resource allocation, timely execution, and successful delivery. This lifecycle can be segmented into four distinct stages, each with its own critical objectives: 1. Initiation: Defining the Project Foundation Needs Assessment & Opportunity Identification: The initial phase commences with a thorough examination of the business environment to pinpoint a pressing need, a problem demanding a solution, or an advantageous opportunity. Project Charter Development: Once a compelling need or opportunity is recognized, a formal project charter is formulated. This document serves as the project's guiding principle, outlining its objectives, deliverables, stakeholders, and high-level approach. Feasibility Study & Risk Assessment: A comprehensive feasibility study is condu...