Project lifecycle: Five Phases

Project lifecycle Name: Instructor: Institution: For a business to be successful, the management have to consider various things so as to be able to meet the needs of its customers. Therefore it is the role of the management to come up with a business strategy on how to make a certain product to be accepted in the market and thus make a killing from its sale. In this paper I will discuss the different phases of a project lifecycle and its relevance in organization’s business strategy. The first phase of the project cycle is the initiation phase. In this phase the management come up with an idea on a need basis that call for a solution which after selecting the actual idea they then define the project. Every business has to have a certain thing that they want to deal with in a certain time framework, a goal. This is the time of selecting the most appropriate idea among the many that may be at exposure for selection and then identify it as the goal or target of the organisation (Kerzner, 2005). After identifying an idea or a need that require a solution, then the management have to plan on how to make the idea be. At this stage the concept is developed into a workable plan and then implemented if the concept is feasible. In a business set up this is the phase that the management has to undertake a cost benefit analysis in order to determine whether the concept will be profitable or will end up being a liability adventure for the organisation (Kerzner, 2005). All financial issues, personnel and risks involved as well as the way in which the concept will be executed are all determined in this phase and if the management see the adventure to be of economical benefit the concept moves t...