The potential of the life cycle methodology can be maximized when all four phases are fully understood by the project manager. This requires them to know the meaning, purpose and expectations of each phase. This includes the initiation, planning, execution and conclusion phases of the project’s lifecycle.
The first phase in the life cycle methodology is all important. This is where a firm foundation is established so the project will be sound. This is the phase where the deliverable is analyzed to see just what the potential it has for producing a revenue stream for a business. This begins with a sound Business Case that is then approved by the stakeholders for exploration. Then the Feasibility Study is conducted so see if the theory of the business case holds true in the real world.
If the results from the Feasibility study are positive, then the next part of the initiation phase of the Life Cycle Methodology is to create a Project Charter and establish the criteria for the project. The assembling of the project team should also be done at this time. This allows for the team manager knowing specifically who they will be working with and who will be contributing to the project.
The last step in the initiation phase of the Life Cycle Methodology is to set up the project office so all of the management tools are in place for the project manager and their team to use to complete the assigned tasks required of them in the project. At this point all of the team members will know who they are, the tasks they need to complete for the planning phase of the project’s life cycle, the time allotment to complete the said tasks and the tools they will have available to them.
This is when the initiation phase of the life cycle methodology is reviewed as a whole. This makes sure all of the foundation of the project is in place so the planning stage can commence without little to no delay. With this firm foundation, the possibilities of questions arising are minimized and efficiency on the planning stage can be achieved.