The Project Life Cycle describes the steps that a project goes through from start to finish. It consists of the steps of initiating, planning and organising, carrying out/executing work, and closing. The Product Life Cycle, which refers to the stages that a product goes through from development to end of life, is distinct from the Project Life Cycle.
There may be one or more phases of product, service, or result development within a Project Life Cycle, often known as development life cycles. Predictive (plan driven/waterfall), iterative, incremental, adaptive (change driven/agile), and hybrid development life cycle models are available. The model selected should be appropriate for the intended deliverable and adaptable enough to deal with changes.
The Product Life Cycle describes the steps that a product goes through from its conception to its demise. Development, production, adoption and growth, maturity, decline, and end of life are examples of these stages. All five Project Management Process Groups may be present at any stage of the Product Life Cycle.
Overall, when managing a project, it is critical to carefully evaluate the Project Life Cycle and the Product Life Cycle, since they can have a substantial impact on the project’s and product’s success.
