Relationship Between Project Life Cycle and Product System Life Cycle - Essay Example

Relationship between project life cycle and product life cycle In order to comprehend the relationship between project life cycle and product life cycle, let us define them individually first.Project life cycleA project is a temporary task embarked upon to develop a product or render a particular service. In a literature review by R. Max Wideman [1], Archibald explains the project life cycle as follows: 'The project life cycle has identifiable start and end points, which can be associated with a time scale.

' According to the Project Management Institute (PMI) the formal body representing the Project Management community, 'A project consists of sequential phases. These phases are extremely useful in planning a project since they provide a framework for budgeting, manpower and resource allocation, and for scheduling project milestones and project reviews.'[2]. The project basically consists of the initiation, planning, development, implementation and closeout phases. Due to the uniqueness of each industry, the demarcation of the phases may vary accordingly and sometime the divisions between the phases may often overlap.

Product Life Cycle:A product maybe defined as an entity offered in the form of goods or services. A product life cycle evolves through different phases similar to a project. The spiral model best describes the product life cycle, which is the most generic model of all. Special product life cycles are considered to be derivatives of this basic model. The key feature of the spiral model is in its risk management. It focuses on low risk strategies, early detection of errors and design flaws and the closely aligns itself with the evolution and growth cycle of the product.

A product life cycle is often triggered by a need or opportunity, which leads to the conception, manufacturing, production and deployment of a tangible or intangible asset. This is then supported or maintained, upgraded as required and retired when obsolete.Analysis of the relationshipAlthough on the surface, a project life cycle and a product life cycle seem similar, in reality each phase of the product life cycle is a project by itself. Each phase of the product derives its input from the end result of the executed project.

Product life cycles deliver the key ingredient, which translate into revenues, while project life cycles deliver specific deliverables and support the elements involved within an agreed budget and schedule. Product life cycle management methodologies are often industry specific and for that reason very diverse and do not have one consolidated Product management Body of knowledge, which lays down processes for its execution. The Project Management Institute is a widely accepted body that embodies a consolidated set of methodologies for projects to be executed and has published the Project Management Body of Knowledge (PMBoK) which is an industry bible and encompasses all processes and methodologies of project management.

Project life cycle and product life cycle [4] are independent entities but they coexist and interact at all times. For example, a firm may decide to bring out a new feature filled hands-free phone that is a product. This product life cycle would broadly involve, survey of the market, drafting of needs, design confirmation, manufacturing, testing the product, advertising and retailing. Each one of these constitutes a phase of the product life cycle and would be a project in itself. Surveying of the market as a project would include targeting the audience, who will do the survey, sample size, adjustments to be made, surveying, analyzing the results and reporting findings.

The end result of this project life cycle will lead to next phase of the product and so on.In summary, a Product life cycle is evolved by a number of project life cycles.References:1. The Role of the Project Life Cycle (Life Span) in Project ManagementA literature review by R. Max Widemanhttp://www.maxwideman.com/papers/plc-models/texts.htm2. Definition of Project Life Cycle"The Implementation of Project Management" edited by Dr. Linn Stuckenbruck (1981) - a formal textbook on Project Management sponsored by the PMI3.

Integrating the Project Management Body of Knowledge (PMBoK) and the Unified Process (UP)By Sinan Si Alhir, PMP, IT Project+, eBiz+Published December 28, 2003http://home.comcast.net/salhir/IntegratingThePMBOKGuideTheUP.PDF4. Product Management and Project Management - Two Functions, Two Vital Roles By Steven Haineswww.aipmm.com/html/newsletter/archives/000034.php