Define Project Life Cycle, Operations, Programs & Portfolio

Project Life Cycle

The sequence of stages a project undergoes from its start till completion is considered as project life cycle: Concept Development → Feasibility Study → Design → Prototype → Build →Test → Handover (Close)

However, most literature depicts the Life Cycle in terms of the 5 overlapping Process Groups which represent activities performed to accomplish the Project Deliverables

Concept → FS→ Design → Prototype → Build → Test → Close

Project Life Cycle differs from the Product Life Cycle, which is the series of phases that represent the evolution of a product, from Concept through Development, Delivery (Introduction), Growth, Maturity, and to Retirement (Decline)

Literature differs widely on the subject; broadly speaking, Project Life Cycle may be considered as the Development Phase, or Initial Phase, of the Product Life Cycle

Difference between Operation, Project, Program & Portfolio
Operations

A continuous endeavor to produce a product or service (e.g. production of Suzuki cars Wagon-R, Cultus, Swift, Mehran, Alto, etc.) … An Operation starts on successful completion of Project

Project

A temporary startup initiated to create a unique product, service, or result (Suzuki Hybrid project)

Program

Connected Projects, Program Activities and subsidiary programs that are managed as a group in a coordinated manner to obtain benefits not available from managing them individually (e.g. Program of low-cost Mini cars comprising the Mini VX, Mini VXR & Mini VXL Projects)

Portfolio

Projects, Programs, Subsidiary Portfolios, and Operations managed as a group to achieve strategic objectives (e.g. Portfolio comprising the Mini Program, the Hybrid Project, Car Production Operation.

Suzuki Portfolio Example
Define Project Life Cycle, Operations, Programs & Portfolio
Define Project Life Cycle, Operations, Programs & Portfolio
PM Study Framework, Knowledge Areas & Processes

Project Management is best understood and implemented in terms of its constituent parts or fields, called Knowledge Areas, through activities referred to as Processes.

Knowledge Areas (KA) are categorized into 10:
  1. Scope
  2. Schedule
  3. Cost
  4. Quality
  5. Resources
  6. Communications
  7. Risks
  8. Procurement
  9. Stakeholder
  10. Integration, the umbrella or overarching KA area under which all KAs exist
The 49 PM Processes are categorized into 5:
  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring & Controlling
  5. Closing
Process Groups
  • Initiating Process Group. Processes leading to Authorization (Charter)
  • Planning Process Group. Processes in which various aspects of the Project are planned, leading to Project Management Plan
  • Executing Process Group. Processes performed to implement the Project Management Plans, leading to Deliverables
  • Monitoring & Controlling Process Group. Those processes required to track, review, and regulate the performance of the project; and initiate Changes as required
  • Closing Process Group. Processes performed to formally complete or close the project, phase, or contract

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