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solved assignments of mb0049 Q. What are the various phases of project management life cycle? Explain .


Answer: Project Life Cycle and Process Flows
The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. It thus outlines the important processes that are required by any project from start to end. Normally a project will go through a sequence of processes .

Project process flow
In the preparation stage, the project manager, along with the associates and team members,
draft the outline of the project. They identify the various factors required to be taken care of in the project. Based on their discussion, they formulate the plans and model the activities for execution. They prepare the budget. After the model is approved, they recommended it for implementation.

During the planning stage, roles and responsibilities of the various members involved in the project are listed out. In addition, the project team works on the feasibility report to assess the project feasibility with respect to time, finance and technicalities. A thorough risk analysis is also performed to arrive at the uncertainty factors. The findings of the risk analysis are used to establish the control factors to be exercised during the execution of the project. Various monitoring tools are set to monitor the project progress. All the key issues found at the planning stage of a project are documented in a project plan.

Project Plan
A project plan is documented with the following key issues –
  • Key stages of the project
  • Project logic diagram
  • · Key stages responsibility chart
  • Estimates for all key stages
  • Optimised project Gantt chart
  • Updated and reviewed project risk log
  • Risk management forms for new high risks
  • · Project operating budget

Next stage is the implementation stage which involves the execution of the project as agreed in the project plan, while carefully monitoring progress and managing changes. The completion stage consists of the satisfactory delivery of all the deliverables to the customer.

Project Deliverables
A project is undertaken to deliver either a service or a product. Project deliverables could be a set of outputs that are expected during various stages of the project. It could be as simple as a new product or modification of an existing product.
A project life cycle is not complete without a review to look into the various issues which affected the project during the course of its execution. This helps in listing the best practices and documenting the lessons learnt.

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