By an organization using the life cycle methodology, a logical path to success is unfolded. Just as the name suggests, it has a beginning, planning and execution phases that follow into a logical conclusion.
When a company decided to deploy the life cycle methodology as their approach to creating a deliverable for the global market place, they have a firm structure to follow that will lay a sound foundation for their project to be built upon.
As with all organized approaches to creating something from nothing, the life cycle methodology begins in the initiation phase. This is where all the ground work is done to make sure the business venture is not only doable, but will create the revenue stream it is intended to do. This will include the feasibility study that will test out how attracted the target audience is to the deliverable. It will also determine if this target audience will actually pay to own your deliverable. There is no need or purpose to create something, no matter how wonderful or cute it is, the people or organizations will not spend their money on to own.
The next phase of the life cycle methodology is to plan the creating of the deliverable. This is a documentation phase of the project that makes use of many project management tools. These tools help to reduce the time required in the creation of all the documents while still providing a detailed plan. The faster this phase is completed with the fewest mistakes or question left to be answered is what generally separates the field of competition.
Being fast but inaccurate or lacking of details will just slow down the next phase from operating efficiently. This is also the phase where the risks and issues are identified so they will do little to no damage to the project when they are encountered in the execution phase of the project plan.
The execution phase of the life cycle methodology is where all the planning and forethought pays off. With all the obstacles identified and mitigation steps taken, this phase should run smoothly so a deliverable can be placed on the global market place with no time to waste.