Overview of the Project Life Cycle
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1.Discuss how a project could be successful in terms of some measures yet unsuccessful by others.
2. Compare and contrast the four phases of the project life cycle process. 150 words APA
3. List and describe several issues that pertain to each stage of the project life cycle.
Current book I am using:
Kloppenborg, T. J. (2015). Contemporary project management (3rd ed.). Stamford, CT: Cengage Learning.
this is chapter one
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Solution Summary
This solution provides an overview of the project life cycle, discussing the concepts of project initiation, project planning, project execution, and project close-out. It also discusses how metrics can be used to evaluate the success of certain components of a project.
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I'll address each of your questions, providing you with an overview of the concept to assist in the learning process.
1. Let's discuss how a project can be successful in terms of some measures yet unsuccessful in others. A common way to measure a project's status is the use of earned value metrics. Earned value metrics are used to measure how well a project is performing in terms of schedule and cost. Overall, earned value is the value of work performed expressed in terms of approved budget assigned to that work for an activity or work breakdown structure. It is the authorized work that has been completed measured against the authorized budget for such completed work. Common earned value metrics are schedule performance index (SPI) and cost performance index (CPI). It is possible for a project to be under budget as measured by the CPI but behind schedule as measured by the SPI. That is why it is important to look at multiple metrics to determine how successful a project is a certain stage because each metric paints a different picture of project ...
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