Managing The Project Lifecycle

Typically, in an agile project lifecycle, a project manager can run a series of small experiments to get answers to these questions. Here are some reasons why the project lifecycle is important. Having a deep understanding of the various stages of the project lifecycle is important when it comes to developing new projects. Knowing the stages helps in computing the feasibility and viability of a new project.

You will be better able to answer these questions:

  • Is it worth developing this project? 
  • Will it survive in the market? 
  • If it does survive, when can we expect to make money off of it? 

Having a deep understanding of the various stages of the project lifecycle is important when it comes to developing new project. Knowing the stages helps in computing the feasibility and viability of a new project.

Product Lifecycle vs. Project Lifecycle

  • A project is defined as an endeavor undertaken to create a service, product, or result. The project lifecycle has a definite beginning and end with a clearly defined scope and resources.
  • The objectives of the project lifecycle and the product lifecycle are quite different. A project is used to achieve a pre-defined outcome that may or may not be a product. 
  • The product lifecycle may use many projects to achieve its goals, but the reverse is usually not true

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