Project life cycle

From idea to project :
In order to qualify as a potential project, the idea should at least :

1. correspond to a need identified by the company, for its customers or for itself
2. be consistent with its strategy
3. be workable in principle
4. be economically viable

• Initiation

1. Advisability study / Factors to be taken into account : the market, competition, the company’s needs and strategy, other projects under way etc.
2. Feasibility study / Factors to be taken into account : the objectives of the project, technical, financial and timing constraints, possible risks
 / Requires : imagining what the product would be and how to get there, a summary project description, a summary project plan
3. Business case /  Information package for decision-makers describing the project’s purpose, benefits, summary plan, risks, profit & loss (P&L), evaluation

• Preparation

1. Charter = Reference document, also called project mandate, project definition, project initiation document (PID), project overview statement (POS), terms of reference (TOR) of the project describing in particular the project’s scope, budget and schedule, the outcome of the project (summary requirements), the PM’s responsibilities and level of authority
2. Planning

• Execution / Creation of the resulting product : implementation, development, project documentation, product documentation...

• Closure / Launch of the product (usually), resource release, contracts termination, “post-mortem” analysis...