We all know that Project is an endeavor that has a definite start and end. Thus, it makes it all the more important to have well defined life cycle in place. Life cycle is helpful in laying out transparent and time bound entry and exit points throughout the project stages.
Time boxing the stages ensures we stay on track and deliver with quality. One of the key objectives of any project is always having a balance among the triple constraints – Time, Cost & Quality. The better the balance, better the chances of the project being successful.
No matter what project it is that you’re preparing for, the project management life cycle can assist you and your team in narrowing the project's focus, keeping its objectives in order and finishing the project on time, on budget and with minimum surprises (unwanted)!
PMI is the world’s largest nonprofit membership association for the project management profession. It has set the standards for project, program, and portfolio management and offers training and certifications. The gold standard of certification from the association is the Project Management Professional (PMP) certification.
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