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Understanding project management

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Briefly explain how project management fits into the big picture in terms of the product life cycle, system life cycle, portfolio management, and program management.

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The solution briefly explains how project management fits into the big picture in terms of the product life cycle.

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Running Head: PROJECT MANAGEMENT

Project Management

Project Management and Product Life Cycle
Project management is a process, which completely fits in various terms such as product life cycle, system life cycle, portfolio management, etc. Product life cycle is a process of developing a product, which has four phases. According to the project management, developing a product is a project which has four steps. According to R. Max Wideman, they both are interrelated to each other. For example, first stage of product life cycle is introduction, which involves various kinds of project management such as R&D, market research, manufacturing planning, etc. Second stage is growth stage which is related to CRM Implementation, advertising campaigns, etc. Maturity stage of product life cycle includes the project of business process improvement and last stage of product life cycle is decline, which is other projects like workforce realignment, assets reclaiming product replacement, etc. (Westland, 2007).
Project Management and System Life Cycle
System life cycle or system development life cycle is a theoretical or intangible model, which is used in the project management. This system or life cycle explains ...

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