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All projects have phases that start with a concept and end with utilization. These phases are known as the Life Cycle. The length and timing of the life cycle varies with each Project and is dependent on the degree of complexity and the resources available. Phases may occur in sequence or overlap. Each phase can be treated as a mini Project.
The end of each phase is characterized by a "Go / No Go" decision.
Each phase achieves a major milestone.
- Approval of the concept.
- Approval of the functional design.
- The completion of the phase.
Coming directly to the point, the5 factors according to me are:
1. Conceptual Planning and Economics (Feasibility Study) Phase.
2. Engineering and Functional Design Phase.
3. This phase includes three sub-phases:
a) Preparing Drawings and Specifications
b) Tender and Award
c) Procurement
4. Completion of the Project (Implementation) Phase.
5. Operation and Utilization Phase.
1. Initialization
2. Requirement Analysis
3 . Design
.4. Integration And Testing
5.,Post Implementation And Maintenance
Project management must deal with five major variables:
The 5 major factor of a Project
When we talk about project execution, this means requirement, planning, schedule, cost, quality matrix and risk are already identified, finalized and approved during project planning phase.
Factor may play important role during project execution are listed below,
1. Execution of project according to PM plan
2. Acquire and managed Project team
3. Implement only changes approved by CCB
4. Quality assurance and quality audits
5. Collect work performance data
1.Project Scope
2.Schedule
3.Cost Budgets
4.Project Risk
5.Quality