Project Lifecycle
by Sandra Rivera
1. 4.Termination
1.1. All projects successful and unsuccessful have to be terminated
1.2. Resources are redistributed
1.3. Final report for senior management, detailing successes and weaknesses
1.3.1. This report can influence how the organization manages projects in the future.
2. 3.Execution
2.1. Resources are consumed to complete the project
2.2. The actual progress of the project, is measured against the planned goals.
2.3. Provides status reports, that are distributed to the project team and senior management.
3. References:
3.1. 2013. A Guide To The Project Management Body Of Knowledge (PMBOK Guide). 5th ed. Newtown Square, Pennsylvania: Project Management Institute, Inc, pp.6, 533.
3.2. Hormozi, A. M., McMinn, R. D., & Nzeogwu, O. (2000, Winter). The Project Life Cycle: The Termination Phase. SAM Advanced Management Journal, 65(1), 45. https://link.gale.com/apps/doc/A59648779/ITBC?u=new90507&sid=ITBC&xid=d7014525
4. 1.Project Selection
4.1. Best use of corporate funds
4.2. Each project has to be evaluated
4.2.1. Each project has different: benefits, costs and risks
4.2.1.1. Decision comes from achieving its long-run strategic objectives.
5. 2.Planning
5.1. Develop a master plan that details the how assets are going to accomplish a goal
5.1.1. Project budjet and master schedule
5.1.1.1. Detailed list of specific project tasks
5.1.2. Master plan evaluates the progress of the project as well as guidelines for its termination.