Project Management

Project Management

Question 1

Describe each stage of the basic project life cycle model?

All projects are approached from the perspective of project lifecycle. There are five stages in project lifecycle such as (Alterspark, 2012):

Understanding

Planning

Designing

Implementing

Concluding

Stages of project lifecycle

Understanding

Proper campaigns and projects can be start with the quality insight and research work. The approaches used at this stage bring together the design, strategic planning and implementation stage. Also, any type of data collected in this stage can be used for pre and post comparisons in the final evaluation of the project (Alterspark, 2012).

Planning

The quality strategic planning comes to pass after conducting the first round research and before the designing of the project. The strategic visualization created during the planning stage will direct towards the successful work in the design stage and implementation stage (Alterspark, 2012).

Designing

When research, strategic planning and preferences of the stakeholders is craftily combined into a drawing, design or proposal, which describes about the operations related to the program, campaign, project, intervention or study that stage is known as designing stage. At this stage, conceptions, visual designs and materials of endorsement are pilot tested, visualized, modified, developed and assessed finally (Alterspark, 2012).

Implementing

The plan designed in the designing stage is put into practice at this implementation stage. In the beginning of this stage, the project enters into the building phase when specifications of the products are transferred into the tangible products. This stage represents the range of the talent like marketers and managers, and also innovative, substantive specialist and technological (Alterspark, 2012).

Concluding

At the end of every project or campaign, there are number of opportunities to expand the impacts of the implemented projects and to learn from the projects. The main part of this stage is final evaluation. All basic researches, interim studies and monitoring can make important involvement in the final evaluation process (Alterspark, 2012).

Describe one other business life cycle model that could be used, and explain three advantage and three disadvantage of using it.

Stages of business lifecycle

Start up stage

From this stage, business starts and legally exists. At this stage, services and products are produced and customers are made. Business may need the money and time to market in the startup stage of the business lifecycle. Business is required to make its presence in the market (Zahorsky, 2012).

Growth stage

At this stage, customers and revenues increase along with many new opportunities and the concerns. Profits are great by the competition in the market with the competitors is strong. New business plans and effective management, efficient management and accounting systems will also be required in the business. New employees will also be hired (Zahorsky, 2012).

Maturity stage

Business has become matured into a successful company with the loyal customers and particular place in the market. There is mature level of sales. This stage normally means that business has already worked hard and now at the level of the rest. This concept is wrong for the market because market is persistent and competitive. Competitors, economy and the changing tastes of the customers are the main issues ...