Project Life Cycles

Every program, project, or product has certain phases of development known as life-cycle phases. A clear understanding of these phases permits managers and executives to better control resources to achieve goals.

During the past few years, there has been at least partial agreement about the life-cycle phases of a product. They include:

Research and development

Market introduction

Growth

Maturity

Deterioration

Death

Today, there is no agreement among industries, or even companies within the same industry, about the life-cycle phases of a project. This is understandable because of the complex nature and diversity of projects.

The theoretical definitions of the life-cycle phases of a system can be applied to a project. These phases include:

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