What is a Project Management Life Cycle?
Project Management Life Cycle is a series of essential activities for accomplishing project objectives or targets. It is a framework that includes the stages to transform an idea into reality. Projects may have different dimensions and difficulty levels, but they can be mapped to the Project Management life cycle structure, whatever the project’s size is.
Project Management Life Cycle Phases
The Project Management Lifecycle process is divided into four main parts: Initiation phase, Planning phase, Execution phase and Monitoring, Controlling and Closing phase as shown in the below diagram.
The main output from the sequence activity process is “Network Diagram”.
Network diagram is nothing but posting the task on a board in a logical order.
For example, you want to start a business in foreign country what will be your list of activities and what will be the order it should be done?
You will perform activities in these order
Choose a countryGet business permit Hiring a manager Buying a propertyBuying the furniture etc. Opening the business
Estimating Activity Resources
This stage explains the process of estimating the work effort and resources required to complete the task. The other factor that has to be considered at this stage is the availability of the resources.
While estimating resources, the focus should be on the longest path of the plan (Critical Path), which going to consume more time and money.
You have to estimate resources for two tasks
Critical tasks Floating tasks
Make sure that your critical tasks are accurately estimated (completion time).
There are five inputs used to estimate activity resources
Schedule Management PlanActivity listResource CalendarEnterprise environmental factorsOrganizational process assets
The output of this stage is
Activity resource requirementsResource breakdown structureProject documents updates
NOTE: All the activity that is done so far (define activities + sequence activities + Estimate activity resources) is going to help in “Develop Schedule.”