The reason for a business to follow just one Methodology when undertaking a project is simple. This allows for them to have a set of standards to follow along with an organized path for the team to know what direction to go.
There is a starting and ending point for any methodology. The difference is the path each one takes to connect the two. Some of them are cyclic while others use a waterfall pattern. What is essential for your business and the projects you will undertake is to have a methodology that will work with your resources, management style and above all the correct standards so your target audience will accept your deliverables.
The Project Lifecycle is a methodology that was created for the business world that has many different applications. In the manufacturing sector of business, it is used very effectively in getting the right deliverable to the correct market in a timely manner.
As with most methodologies today the lifecycle methodology makes great use of software to assist the project manager at achieving their goals. In the initiation phase, there are several templates that can be used to create the business case and feasibility study. This will set the foundation for the project and make sure the project itself is a good business venture to invest in.
If the proposed plan is then accepted by the management of the company then the next step in the lifecycle methodology is to prepare all of the formal documents that will be required for the execution phase of it. Again the project manager can make use of the 9 templates for the required process involved in the project and the over 40 other templates for the supporting documents.
In the end by following the lifecycle methodology the project manager will have a well defined project plan with a clear course for the project team to follow. This will allow for a greater percentage of the time spent by the project team to be constructive because every step has already been laid out to be completed. In the global market place, this efficient use of time can be the difference in a project being a success or failure.