Operations Management: An Integrated Approach, 5th Edition

PROJECT LIFE CYCLE

Projects vary in terms of objectives, but each project has a common life cycle or sequence of activities. The life cycle begins with an initial concept, followed by a feasibility study, the planning of the project, the execution of the plan, and finally the termination of the project. Let's look at each phase of a project life cycle.

Conception

Identify the need for the project. In our anniversary example, the concept is the recognition of two individuals’ lifelong commitment to each other. In the business world, the concept might be the company's decision to launch a new product, implement a new information system, or become involved in e-commerce. In politics, the concept might be a candidate's decision to run for office.

Feasibility Analysis or Study

Evaluate expected costs, benefits, and risks of the project. For our anniversary example, a feasibility study might mean deciding whether the couple would be happier by being guests at the party or if they would rather take a getaway trip to visit some exotic part of the world. For the company launching a new product, a feasibility study means examining the potential market, the market share, and profits for the new product compared to the costs. In politics, a feasibility study is a candidate's assessment of the resources needed to run a successful political campaign and the benefits of elected office.

Presidential ...