Any Project needs to follow a lifecycle do differ across business and industries sectors.
Project lifecycle will have a number of different project phases –
Concept, Definition, Implementation, Design, Handover and finally Closeout.
Major benefits of EMP system with six or less life-cycle phases –
First goal that EMP have to institutionalize business-driven Enterprise Project Management. So, it need to satisfy the following objectives. And it is only possible to achieve the below objective with EMP system which have six or less life-cycle phases.
– Develop, deploy the universal standards for project management
– Standardize project process and resources in manner of given global economies and able to local flexibility.
– Build simple user-friendly web-enabled support applications to handle projects.
– Come up with monthly/quarterly status reports for higher management decision making.
Project lifecycle gives a systematic approach for the delivery of the project. It has clearly specified activities and outcomes for each phase.
The Project lifecycle allows the projects manager to correlate the progress directly to individual phase and identify the closure of each phase. The definition phase contains the production of the project management strategy and every subsidiary strategy, like the risk management strategy, the quality plan and the implementation phase includes the construction of different components that includes the final product. We can consider this step as both Design and Built stages.
The Phases in the project lifecycle gives an idea of the stating stage of the project. Areas that need high attention at multiple times like risk management at beginning stages.
The project lifecycle defines whenever it completes the project correction review and the Gate reviews.
So, authorize the project manager to plan fulfilling of reports to keep them ready to support those reviews. Stakeholders can get the increased confidence with guaranteed early success and assurance that the project still viable and as per the plan from these regular reviews.
This way it will be the best case to have six or less number of Life cycle stages in an EPM system.