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Project Life Cycle There are several stages in the life cycle of a project: project selection, planning, execution, and termination. The first phase, project selection, will vary among firms. Each project must be evaluated to determine which is the best use of corporate funds. Each will have different risks, benefits, and costs, making the selection very difficult. The final decision should be based on the projects financial return and how well it assists the organization in achieving its long-run strategic objectives. Once a selection has been made, formal plans must be developed.
The importance of thorough project planning cannot be overemphasized. The objective of this process should be to develop a master plan that details how each asset of the organization will be used to accomplish the projects goals. Thorough and aggressive planning will also increase the team's commitment to success. The two most important components of the master plan are the project budget and the master schedule, which are developed from a detailed list of specific project tasks. The master plan should include measures for evaluating the progress of the project as well as guidelines for its termination. (Stevens 1992) During the execution phase, resources are consumed to complete the project.
Throughout this period, the actual progress of the project, in terms of cost, schedule, and performance, is measured against the planned goals. The results of this monitoring process are assembled into status reports, which are then distributed to the project team and senior management. (Conlon 1993) In the end all projects, both successful and unsuccessful, will have to be terminated. During the termination phase the projects resources are redistributed, financial records are closed, and project personnel are reassigned. The organization's sensitivity to the concerns of the project team can have a lasting impact on their commitment and productivity. Lastly, a final report, which discusses the projects successes and shortcomings is prepared for senior management. This report can significantly influence how the organization manages projects in the future.
The importance of a final report cannot be overemphasized. An objective review of the projects successes and shortcomings can provide senior management with insights into how to improve future projects. The final report is also a valuable tool to help future project managers, since it includes not only what worked, but also what did not, and recommendations for similar projects in the future. This report should focus on the following functional areas: project performance, administrative performance, organizational structure, project and administrative teams, and project management techniques. (Meredith 1995) Naturally the firm's ability to manage a project will have a significant impact on its eventual success or failure.
Central to this, of course, is the project plan, which should be exceptionally detailed. Obstacles that could threaten the schedule must be identified so that workable alternatives can be developed ahead of time. As would be expected, the team plays a key role in the projects success or failure. The effectiveness of a team is, in turn, governed by the abilities of its project manager, the team's overall commitment and enthusiasm, and the synergy of the team as a whole. Of these, the role of the project manager is the most critical. He or she must be able to coordinate changing activities, resolve conflicts, and keep management informed and committed to the project - while also keeping the project on track.
Projects are born from an idea, develop into a finished product or service, and then terminate. As a project moves through this process, the project manager and senior management should continually monitor the projects critical success factors to ensure it is still viable. To minimize unfortunate side effects, management must be especially sensitive to the needs of its employees during the termination process. Cancellation, in particular, can have a profound and lasting affect on the organization and its employees.
Lastly, the final report is the opportunity to reflect on the project - to document its successes and shortcomings and make recommendations for the future. (Meredith 1995) References Conlon, D. , & Garland, H. (1993). The role of project completion information in resource allocation decisions. Academy of Management Journal, 36, 402 - 413. Meredith, J. , & Mantel, S. J. , Jr. (1995).
Project management: A managerial Approach. New York: John Wiley & Sons. Stevens, R. (1992). Implementation: The key to a successful project.
Journal of Systems Management, 43, 2.
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Research essay sample on Success Or Failure Master Plan
