The Life Cycle of Innovation Projects Team 4

The Life Cycle of Innovation Projects Team 4 Cárdenas Trigueros María Guadalupe Gámez Martínez César Augusto Nieto Ruiz Julia Elizabeth

What is the Proyect Life Cycle?

It is the beginning, planning, execution and closing of the set of processes that make up a Project and is developed in groups of processes to carry out the scope for the Project. The life cycle of the Project covers: from the Project is born until the Project ends. The life cycle of the Project, therefore, is the progress of the Project that occurs throughout the stages of its development. The transition from one phase to another within the life cycle of a project involves some form of technical transfer. Thus, the shipments of a phase are reviewed to verify compliance and are approved before the start of the next phase, there are occasions when a phase begins before the approval of the deliverables of the previous phase, especially when risks are identified if it is not done. This phase overlap is known as fast execution.

What is a Project?

A Project is a temporary effort, which has a beginning and an end. A Project is made to achieve a unique product, service or result. How a Project is developed: it is developed in groups of processes that are made up of specific tasks and activities to achieve the scope of the Project.

What defines the Project Life Cycle?

In the Projects we carry out tasks to be able to achieve those things that we want to obtain with the execution of the Project What are the Project management processes: are the processes into which the Project is divided. What are the Project tasks: the activities are the tasks that must be carried out in each Project process to achieve a result that, together with all the others, will allow us to successfully complete the Project. What are the start and end dates: they are the start and end dates of each process, task or activity of the Projects. In the Project Management everything has a duly defined temporal space. What are the deliveries resulting from the execution of the Project: they are what we want to achieve when we carry out the different work of the Project. They are the milestones and the resulting deliveries of each process, each task and each activity of the Project, must be carried out according to their compliance dates.

The Project Management Process Groups

We must have perfectly identified who is involved in each Project process, in each task and in each Project activity. We must assign and identify the responsibilities that each member of the Project team assumes with respect to anything of the Project or about the Project as a whole. In the Master in Project Management: we will see in its entirety the life cycle of the Project that we will establish with these groups of processes. 1. 2. 3. 4. 5. Project start. Project planning. Project execution. Project monitoring and control. Project closure.

Phases of Project

Phase 1: Project Initiation This is the start of the project, and the goal of this phase is to define the project at a broad level. If feasibility testing needs to be done, this is the stage of the project in which that will be completed. If it is given the green light, you will need to create a project charter or a project initiation document (PID) that outlines the purpose and requirements of the project. It should include business stakeholders, and the business case. needs,

Phase 2: Project Planning This phase typically begins with setting goals. Two of the more popular methods for setting goals are S. M. A. R. T. and CLEAR: S. M. A. R. T. Goals – This method helps ensure that the goals have been thoroughly vetted. It also provides a way to clearly understand the implications of the goal-setting process.

C. L. E. A. R. Goals – A newer method for setting goals that takes into consideration the environment of today’s fast-paced businesses.

Phase 3: Project Execution This is the phase where deliverables are developed and completed. A “kick-off” meeting usually marks the start of the Project Execution phase where the teams involved are informed of their responsibilities. Tasks completed during the Execution Phase include: ● ● ● ● ● Develop team Assign resources Execute project management plans Procurement management if needed PM directs and manages project execution Set up tracking systems Task assignments are executed Status meetings Update project schedule Modify project plans as needed

Phase 4: Project Performance/Monitoring This is all about measuring project progression and performance and ensuring that everything happening aligns with the project management plan. Project managers will use key performance indicators (KPIs) to determine if the project is on track.

● Project Objectives: Measuring if a project is on schedule and budget is an indication if the project will meet stakeholder objectives. ● Quality Deliverables: This determines if specific task deliverables are being met. ● Effort and Cost Tracking: PMs will account for the effort and cost of resources to see if the budget is on track. This type of tracking informs if a project will meet its completion date based on current performance. ● Project Performance: This monitors changes in the project. It takes into consideration the amount and types of issues that arise and how quickly they are addressed. These can occur from unforeseen hurdles and scope changes.

Phase 5: Project Closure This phase represents the completed project. Valuable team members are recognized. Once the project is complete, PMs still have a few tasks to complete. They will need to create a project punchlist of things that didn’t get accomplished during the project and work with team members to complete them. Perform a final project budget and prepare a final project report. Finally, they will need to collect all project documents and deliverables and store them in a single place.

Characteristics of the Project Life Cycle

Some important characteristics of Project Life Cycle are: ● Defines the beginning and end of the project. ● Deliverables usually approved before work starts on the next phase. ● Sometimes a subsequent phase is begun prior to approval of the previous phase. This is called fast tracking. ● Defines technical work and implementers. ● Cost and staffing levels are low at the start, higher towards the end, and drop as project closes. ● Probability of project success is low at the start of the project and gets progressively higher as the project continues. ● Cost of changes and of error correction generally increases as the project continues.

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Information Sources https: //www. smartsheet. com/blog/demystifying-5 -phases-project-management https: //pradeepg 81. wordpress. com/2010/07/13/characteristics-of-project-life-cycle/ https: //uv-mdap. com/programa-desarrollado/bloque-i-el-ciclo-de-vida-del-proyecto/presentacion-del -ciclo-de-vida-del-proyecto/#que_define_el_ciclo_de_vida_del_proyecto https: //www. esan. edu. pe/apuntes-empresariales/2016/10/el-ciclo-de-vida-del-proyecto/