Today, the topic is Project Life Cycle. There are millions of templates available on Project Life Cycle around the world as each project is unique and executed with different customer requirements. There is no single best way to define an ideal project life cycle. It depends on the performing organization or project manager to adapt one life cycle model that suits for the project to achieve project objectives.
Each project life cycle is usually subdivided into number of project phases which gives project manager greater control of project & easier management of the project. Project phases have dependencies between them. Collectively, these phases are known as the project life cycle.
At the end of each phase, there can be few deliverables which needs approval or sign-off to start with next phase. There may be scenarios wherein next phase started even before getting earlier phase sign-off.
Banking application development project life cycle: Requirement gathering, fit-gap analysis, design document, coding & development, testing, deployment, user training & sign-off.
Project life cycles generally define:
• What work to do in each phase (for example, in which phase should the technical design be performed?)
• When the deliverables are to be generated in each phase and how each deliverable is reviewed, verified, and validated
• Who is involved in each phase (for example, concurrent engineering requires that the implementers be involved with requirements and design)
• How to control and approve each phase.