Project Life Cycle Flashcards, test questions and answers

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What is Project Life Cycle?

A project life cycle is a framework used to plan and manage a project from its beginning to its completion. It consists of four distinct phases: initiation, planning, execution, and closure. Each phase contains different activities that need to be completed for the project to be successful.The initiation phase is when the idea for the project is first developed and it begins with a proposal or concept document. This document outlines the scope of work and provides an initial cost estimate. During this phase, stakeholders are identified and their roles in the project are clarified. The objectives of the project are also defined during this stage along with any risks associated with it. The second phase is planning which involves developing detailed plans for completing each task in the scope of work as well as outlining any necessary resources such as materials, labor, or equipment needed to complete the tasks. Project timelines are also created during this time which indicates when each task needs to be completed by so that deadlines can be met accordingly. The third phase is execution where all planned tasks are undertaken and completed according to plan while ensuring that they meet quality requirements set out by stakeholders at the start of the project life cycle. Any changes needed due to unforeseen circumstances must be addressed during this stage as well so that they don’t affect other tasks in progress or delay completion times for other tasks on schedule. Finally, there’s closure which involves assessing how successful each activity was according to plan and if there were any lessons learned from undertaking them so that similar projects in future can benefit from their experience gained here. At this point all deliverables should have been produced as specified in plans made at earlier stages; verification of these deliverables completes this final step before closing out the entire output generated from undertaking this particular project life cycle journey.