Project Life Cycle 12.1.3

• What is the project life cycle?


  The series of phases a project goes through, from initiation to closure.
• What is a contingency plan in a project?

  A strategy prepared in advance to address potential problems that may arise during the project.
• What are metrics in project management?

  Quantifiable measures used to assess, track, and compare performance, progress, or outcomes of activities, processes, or goals.
• What does goal setting involve in a project?


  Identifying specific, measurable, achievable, relevant, and time-bound (SMART) objectives.
• What is resource allocation in project management?


  The process of assigning available resources efficiently for project activities.
• What are the 4 stages of the Product Life Cycle?


  1. Initiation Phase
  2. Planning Phase
  3. Execution Phase
  4. Closure Phase
• Why is clarity important in the initiation phase?


  It ensures all stakeholders understand the desired outcomes and establishes a solid foundation for future stages.
• What key aspects are understood during the initiation phase?


  Goals, priorities, deadlines, and risks of the project.
• What type of objectives are established during the initiation phase?


  SMART objectives—Specific, Measurable, Achievable, Relevant, and Time-bound.
• What is the purpose of the initiation phase in a project?


  To lay the groundwork by defining the project's scope, purpose, and SMART objectives.
• What are SMART objectives in project management?


  Objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound, guiding project decisions effectively.
• What is the role of "Specific" in SMART objectives?


  To clarify exactly what is to be achieved.
• Why is "Measurable" important in SMART objectives?


  It enables tracking of progress toward goals.
• What does "Achievable" ensure in SMART objectives?


  That the goals are realistic and feasible.
• How does "Relevant" enhance SMART objectives?


  By aligning goals with overall business aims.
• Why are deadlines important in SMART objectives?

  They provide urgency and a clear timeline for achieving goals.
• How do SMART objectives benefit a project?


  They enhance focus and direction throughout the project's life cycle.

  4
• What is the purpose of the planning phase in project management?


  To develop a comprehensive project plan, including resource allocation, budgeting, quality control, KPIs, contingencies, and communication strategies.
• What does the planning phase outline?


  It outlines the tasks and timeline required to execute the project.
• Why is contingency planning important during the planning phase?


  To manage risks that could disrupt the project.
• What is the role of communication strategies in the planning phase?

  To ensure all stakeholders are kept informed throughout the project.
• What are KPIs in project management?


  Vital metrics to evaluate project progress and success, established during the planning phase.
• How do KPIs facilitate decision-making?


  By providing quantifiable evidence of performance, enabling timely adjustments to achieve results.
• Why is it important to establish KPIs during the planning phase?


  They help monitor outcomes related to objectives and guide the project toward success.
• What is the primary focus of the execution phase in a project?

  To put the project plan into action by creating tasks and organizing workflows among team members.
• Why is briefing team members about their roles important in the execution phase?


  It fosters collaboration and ensures everyone works towards the same objectives.
• How is progress monitored during the execution phase?


  Through continuous assessments to compare progress against the original plan.
• What does the closure phase signify in a project?


  It marks the end of the project, involving the completion of paperwork, release of resources, and delivery of a final report.
• What is included in the report provided to stakeholders during the closure phase?


  A comprehensive summary of project outcomes.
• Why is recognizing work important during the closure phase?


  To acknowledge achievements and capture lessons learned for future projects.
• What contractual aspect is addressed in the closure phase?


  Ensuring that all contractual obligations are fulfilled.
• What is the purpose of evaluating a project?


  To measure how effectively the project met its defined objectives and stakeholder expectations.
• How is project success evaluated?


  By gathering feedback and performance data to assess outcomes against established goals.
• Why is understanding successes and shortcomings important in project evaluation?


  It provides insights to improve processes for future projects.
• Why is communication important in project management?


  It ensures team members understand roles and responsibilities, facilitating collaboration and issue resolution.
• How does effective communication benefit the execution phase?


  It ensures smooth collaboration and quick resolution of issues as they arise.
• How do regular updates and feedback impact a project?


  They encourage transparency and maintain stakeholder engagement throughout the project life cycle.
• What are the 4 Project Management KPI Categories?


  • Timelines- on time completion
  • Budget- net profit margin
  • Quality- rework rate
  • Effectiveness- milestones completed on time rate
• What is risk management in project management?


  A proactive strategy during the planning phase to identify and mitigate potential problems that could impede project success.
• What are the key components of risk management?


  Analyzing risks and establishing contingency plans to prevent disruptions during execution.