The life cycle methodology is one of the most efficient paths you can take for your business opportunity to follow. This methodology is useful in the business world because of its nature. It deploys the most efficient means for a project manager to initiate, plan, execute, and conclude a project plan so a revenue stream can be established by an organization.
The path the life cycle methodology follows begins with the initiation phase. This is where the business plan and feasibility study are conducted to see if the business opportunity will be of a benefit to your organization. There is no need to go further with a project if the profit potential of the opportunity does not meet the goals and scope of the stakeholders. This phase is also the foundation on which your project will be established.
The second phase of the life cycle methodology is the all important planning stage. This is where all of the formal documents for the plan are created. This will include the documentation of all nine processes and the supporting documents that will be needed in your project. To do this in a time efficient manner, most project managers use the project management template programs. This saves time in the preparation of the documents. It also brings consistency to the documents themselves. The more detailed the project plans are, the fewer questions in the execution phase will be. This will reduce the time needed to carry out the plan while gaining more time working on completing the deliverables.
The execution phase of the life cycle methodology is where the project plan is made a reality. This phase is where all of the planning becomes a reality. To make sure all of the components are meeting the predetermined schedule, a monitoring program is used by the project manager.
The last phase of the life cycle methodology is the conclusion and wrap up of the project. This is where all of the reviews are conducted and the deliverable is sent to the market place so a revenue stream can be created.
This is how the life cycle methodology can take an idea and make it a reality for your organization. The faster this is accomplished, the sooner your deliverable will be on the market creating wealth for your organization.