This research paper analyses the project business documents and types of project lifecycles. Just like in any other activities, planning is essential before running a project. This ensures that catering to all crucial requirements is adequate. Project business documents are necessary for counter checking the requirements of the projects. These documents include contracts, statements of work, stakeholder register, and control register. They may not be part of the project management plan but are still useful for the project manager. In addition, some of the documents are necessary for approval of the project by the project sponsor. Apart from the documents, project analysis techniques are necessary for determining the feasibility of the project.
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TYPES OF PROJECT LIFECYCLES IN PROJECT MANAGEMENT
Project lifecycles are for gaining better control of relatively larger projects by focusing on specific deliverables. Achieving this is through the splitting of the project into phases. These phases are like mini-projects involving five process groups. There are three types of project lifecycles. One is the predictive life cycle, whereby the determination of the constraints is ahead of time. The project is then split into phases that overlap or are sequential. Secondly, in the iterative and incremental lifecycle, the scope’s determination is not ahead of time. Lastly, adaptive lifecycles are mostly applicable to Information technology projects. This is due to their dynamic nature depending on the evolution of technology. In all these lifecycles, maintenance of project business documents is necessary.
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UNDERSTANDING THE PROJECT ANALYSIS TECHNIQUES
Project analysis involves the determination of costs and problems before the project commencing. It is necessary to evaluate potential investment opportunities and predict an estimate of the value a project might yield. One of the project business documents is a report of the analysis of the project. It is called a feasibility study template, and it contains an examination of all the factors the project pertains to. Project managers are tasked with delivering the project at the required times on limited budgets. Therefore, project analysis techniques help them in achieving these goals. In conclusion, the analysis techniques are financial, risk, requirements, and Project Evaluation and Review Technique (PERT).
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