Project Lifecycle Management

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✅ 4. Visual of Project Lifecycle Flow

cssCopyEditInitiation → Planning → Execution → Monitoring & Controlling (runs parallel to Execution) → Closure

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✅ 5. Explanation of Each Phase

🔹 1. Initiation

• Identify project goals and stakeholders.

• Define scope and business case.

• Appoint project manager.

📝 Example Deliverables: Project Charter, Stakeholder Register.

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🔹 2. Planning

• Develop detailed plans (scope, schedule, cost, quality, risk, communication).

• Identify resource needs.

• Set baselines for performance.

📝 Example Deliverables: Work Breakdown Structure (WBS), Project Schedule, Risk Management Plan.

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🔹 3. Execution

• Coordinate teams and resources.

• Manage tasks and communication.

• Ensure quality in outputs.

📝 Example Deliverables: Status Reports, Deliverables, Meeting Minutes.

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🔹 4. Monitoring & Controlling

• Measure project performance.

• Track and manage risks/issues.

• Handle scope, time, cost changes.

• Ensure project stays aligned with plan.

📝 Example Deliverables: Performance Reports, Issue Logs, Approved Changes.

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🔹 5. Closure

• Deliver final product/service.

• Obtain stakeholder acceptance.

• Close contracts, release resources.

• Document lessons learned for future projects.

📝 Example Deliverables: Final Report, Lessons Learned, Project Closure Document.

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✅ 6. Tools Used in Project Lifecycle Management

Purpose	Tools
Planning & Scheduling	MS Project, Jira, Asana, Trello.
Communication & Collaboration	Slack, Microsoft Teams, Zoom, Email.
Documentation	Confluence, Google Docs, SharePoint.
Monitoring & Reporting	Power BI, Tableau, Excel, Jira Reports.
Risk Management	Risk Register templates, spreadsheets.

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✅ 7. Role of Business Analyst (BA) in Project Lifecycle

Phase	BA's Role
Initiation	Help define business needs, analyze stakeholders.
Planning	Elicit and document requirements, support scope definition.
Execution	Clarify requirements, support development teams.
Monitoring & Controlling	Validate deliverables against requirements, manage change.
Closure	Support final acceptance, document lessons learned.

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✅ 8. Common Challenges in Project Lifecycle Management

Challenge	Solution
Scope Creep (uncontrolled changes)	Use Change Control Process, clear documentation.
Unclear requirements	Conduct thorough requirement analysis and validation.
Poor communication	Regular updates, stakeholder engagement plans.
Resource constraints	Realistic planning, priority setting.
Risk mismanagement	Continuous monitoring, proactive mitigation.

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✅ 9. Benefits of Applying PLM

Benefit	Explanation
Improved control	Over project scope, time, cost, quality.
Increased transparency	Clear tracking of progress and issues.
Higher stakeholder satisfaction	Meeting expectations and quality.
Better team collaboration	Defined roles, communication.
Efficient problem-solving	Early identification and resolution of issues.

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✅ 10. Summary of Project Lifecycle Management

Aspect	Explanation
Definition	Managing a project through defined stages.
Phases	Initiation, Planning, Execution, Monitoring & Control, Closure.
Importance	Structure, risk reduction, stakeholder alignment.
BA Role	Supporting business needs, requirements, validation.
Tools	Jira, MS Project, Confluence, Slack.