Project Life Cycle is a concept in project management and refers to the cycle of creating a project. Beginners often confuse it with project management processes which are permanent administrative activities and never change.
They are also known as project management processes groups and they include planning, initiation, monitoring, control, and closing. Reference: https://bvop.org/posts/projectlifecycle/#:~:text=A%20project%20life%20cycle%20is,stages)%20%2D%20the%20project%20cycle.
However, Project Life Cycle is a completely different topic. The cycle of your project is unique. These are simply the phases you will go through to complete your project.
In this article, we present an example life cycle of a project created by a student enrolled in a project management specialty.
You can use and cite this material in your academic or professional papers. The document does not claim or guarantee that it can adequately serve you for your personal or professional needs related to project management or other activities.
Example of a project life cycle for creating an innovative product
Market analysis and consumer needs
Selection of the top 5 leading manufacturers of similar products on the market. Getting acquainted with the products presented by them within the last calendar year. Collection and sorting of information into categories:
- Design / vision;
- Basic functions;
- New features / innovations;
Analyzing the information, determining the best indicators for each category. Preparation of a group of several short online surveys to be distributed on social networks (Facebook, Instagram) – with a game element. The surveys will be prepared based on the categories, and in one window there will be a choice of between two elements (two types of design, two main characteristics, etc.). The goal is to get percentage information innovations would intrigue him, what price range satisfies users.
Deadline: 22 working days.
Preparation of a business model
- Defining the target group of clients;
- Customer relationship analysis;
- Clear definition of the project goal; Reference: “Full project lifecycle – detailed real example with explanations for Project Managers”, https://securityinformationeventmanagement.com/full-project-lifecycle-detailed-real-example-with-explanations-for-project-managers/
- Identification of key partners in the project;
- Determining the necessary resources;
- Defining distribution channels;
- Calculation of expected income;
- Cost structuring;
Deadline: 16 working days
Preparation of design assignment
Based on the analysis of the information, a task for product design is prepared.
The assignment will include:
- Defining the objectives of the project – created and produced the innovative product. The focus is on the new smart features.
- Determining product parameters (dimensions, main functions-possibility for improvement, new functions), design guidelines, price range-budget;
- Defining stages of the project – scope of stage development and time for preparation;
Deadline for implementation: 11 working days;
The process begins with choosing a team. It includes making options that seek a combination of optimal sizes, improved basic functions, integration of new functions entered in the defined budget. Software and smart systems specialists are involved in the design process to consult and make a proposal for integrating the new functions and smart design. Design developments must combine design and functionality while observing the individual building elements and parts to be optimized for production. After coordination and selection of a variant, we proceed to the process of making a prototype. The project manager participates actively in this stage and again monitors and controls the execution of the milestone. The project team should be already established, and work and schedule need to be done according to plan. Reference: “Certified project managers and project roles”, https://www.vbprojects.org/certified-project-managers-and-project-roles/
Deadline: 110 working days
In parallel and coordination with the design of the prototype, work on product design was started. Linking the new product with the main brand, model name, advertising concept. The two activities must take place simultaneously and interconnectedly to reach a complete and justified vision for the product.
Based on the project documentation, the development of a prototype started. Information is collected on whether production is optimal in terms of time and resources. If necessary, make the necessary adjustments. The prototype is presented for approval.
Deadline for implementation – 30 working days;
After approval of the prototype, the testing phase starts. Includes testing the operation of all functions of the washing machine. Adjustments are made if necessary. Go back to step 4 and make an improved model that goes through testing again. After completed tests, a final prototype is prepared.
Deadline for implementation: 60 working days;
After successful tests and a finally approved prototype, all design documentation is submitted to production. A schedule of the production process is prepared – the stages of production are defined, for each term what quantity should be produced. Start of production. Reference: “Business project and project lifecycle example for an innovative product”, https://www.dobrojutro.net/business-project-and-project-lifecycle-example-for-an-innovative-product/
The production process is subject to constant control and monitoring for quality, process safety, and compliance with the established schedule.
In parallel with the production process, an advertising campaign was launched.
- Arranging official events for partners to present the new product;
- Advertising on social networks;
- Media advertising;
- Advertising materials in the form of banners, logos to be placed in retail outlets; Billboard option;
Deadline: 50 working days
After completion, a certain stage of production is started with the deliveries according to the prepared schedule. The product is delivered to retail outlets.
Deadline: according to the schedule
After delivery of the product to the distributor companies and a certain period in which the end customer gets acquainted with the product, starts collecting information and preparing an analysis of the success of the product – customer interest and opinion of the end customer. This is done through surveys on social networks or sites at retail outlets.