Project life cycle and product life

cycle
Module 2
1.Project Life Cycle
Project Life Cycle is the entire cycle that enraptures a project. It
means the different phases that take place within a project. There
are typically five different processes that take place in a project,
namely:
Initiation
Planning
Executing
Monitoring and Control
Closing
 Initiation, planning, executing and closing
takes place once throughout the process,
however monitoring and control needs to be
done even after closing of the project towards
smooth and fluent project delivery.
Also monitoring and control is a part of every
process at different levels.
 In the initiation, you develop the project
charter and identify the project stakeholders.
In the planning, the project management plan
will be developed which will help you execute
your project.
In the execution, you do the real work. Here the
actual project work is carried out and the product
is built.
Monitoring and controlling happens throughout
the project to check if you are deviating from the
plan or if any mistakes are happening.
In the closing, you hand over the project to the
client and close the project.
Project Life Cycle

5. Requirements
2. Product Life Cycle
Product Life Cycle defines the different stages that enrapture
the growth of a product. A product typically goes through the
below mentioned stages.
Market Introduction
Market Growth
Market Maturity
Decline and Saturation Stage
Usually these phases are sequential and do not
overlap.
 In the development stage, you will generate the idea to
create the product and the product is created.
In the introduction stage, you will start marketing the
product and begin selling the product to customers.
In the growth phase, the sales increase.
In the maturity stage, the product is accepted widely
and sales are at their peak.
Last is the decline and saturation stage. At this level
you will try to sell out all of your inventory and move on
to the next product. This stage happens due to
technical advancement or because your product is not
selling enough to support its production cost.
 Difference between product life cycla and project life
cycle

Product life cycle Project life cycle

phases generally occurs only once
Different phases are sequential
Phases do not overlap
Product life cycle is longer
The map for the product life cycle is
somewhat conceptual and depends on
the market condition
Phases may repeat
Phases may or may not be sequential
Phases may overlap
Project life cycle is shorter
projects have predictive and clearly
defined roadmaps