Understanding Different Phases In A Project Management Life Cycle
There are various
stages in the development of the project and while planning to develop
a project many factors and issues should be considered before getting
into the project and moreover stages in the total life cycle is crucial
for the successful implementation of the project.
Phases in the life cycle of the project:
Conceptualization is the first stage in the project lifecycle. Conceptualization is the idea, thought, initial plan, first stage of thinking entrepreneur, manager or economic planner about his scheme, plan for elimination the existing problems in the existing operation or avail new opportunities prevailing. The concept may be to set up a new project or to expand the existing operation or modernize, replace with new concepts or technologies and to initiate action for quality of improvements.
Formulation is further firming up of the concepts, ideas, thinking etc for putting the same into a realistic plan. When the concepts about an existing plan become more and more clear, it would become necessary to examine all the aspects related to decision-making for investment aspects may be technical, finance etc.
Definition of the project:
The definition phase of a system is mainly refinements of the elements described in the conception phase. All the sub-systems and elements of the proposed system are scrutinized ad defined.
of final system performance requirements
§ Preparing detailed plans
§ Estimating cost, schedule, and performance
§ Spotting areas of high risks
§ Identify and prepare the documents required to system, such as procedures, documents, budgets and finance
§ Rendition of
plans conceived and defined
§ Identification and management of required resources
§ Manifestation of production, installation
§ Determine sufficient allocated resources
§ Virtual linking
of project service to the system
§ Evaluation of technical resources of the project
§ Evaluation of adequacy of project supporting
Post accommodation and divestment plan:
§ Arranging relevant project files
§ Maintaining project accounts up to date
Feasibility study report is prepared to support the investment proposal. Feasibilities for the various aspects related to technical, commercial and financial are examined in detail by the experts and consultants brought in feasibility study report. Feasibility study report is termed as a techno economic feasibility study. It is the primary report for the formulation of the investment proposal. Preparation of detailed project report is further step in firming up the proposal.
When an investment proposal has been approved on the basis functional report and the proposal is a major proposal, it would be necessary to detailed project report to firm up the proposal for the capital cost as well as the various facilities. Project financing is considered in some way or the other right from the time of project conception. Indeed project financing is intertwined with project planning, analysis and selection. PCAR for major projects, in respect to major projects of expansion, modernization, technological up gradation PCAR is prepared in more detail.