Project Phases and the project Life Cycle

• Project life-cycle definition can be used to link the project to the ongoing operations of the performing organization.
• The phase sequence defined by most project life cycles generally involves some form of technology transfer or handoff such as requirements to design, construction to operations, or design to manufacturing.
• Deliverables from the preceding phase are usually approved before work starts on the next phase.
• Cost and staffing levels are low at the start, higher toward the end, and drop rapidly as the project draws to a conclusion.
• The probability of successfully completing the project is lowest, and hence risk and uncertainty are highest, at the start of the project.
• The probability of successful completion generally gets progressively higher as the project continues.
• The ability of the stakeholders to influence the final characteristics of the project’s product and the final cost of the project is highest at the start and gets progressively lower as the project continues.