Project Life Cycle vs Product Life Cycle | Know Their Differences and Which Should You Learn?

• In this article you will learn:
• 1. Project vs Product Life Cycle.
• 2. Features of project Life Cycle.
• 3. Strategies and Limitations for Lifecycle.
• 4. Project & Product Life Cycle Phases.
• 5. Project & Product Life Cycle Example.
• 6. Analysis.
• 7. Product Life Cycle Management.
• 8. Advantages Of Product and project Life Cycle.
• 9. Conclusion.

Project Vs Product Life Cycle:

• A product life cycle may include the one or more projects.
• The life cycle of product is longer than a life cycle of project.
• The project life cycle has the clear end point, but a product life cycle may not.
• The merchandise life cycle map is be notional and subject to the market situations, whereas projects are have a predictive and well-defined roadmaps.
• The product life cycle phases don’t overlap the while a project phases may overlap.
• Phases are generally occur on a just one occasion within a product life cycle while within a project life cycle phases may repeat.

Features of a project Life Cycle:

• Risks are more at the start of the project and begin to decrease because it moves to forward.
• Employment is the lowest at a start, highest during an execution, and reduce towards the completion.
• Most of resources and funds are used during an execution.
• Stakeholder interest is more at the start and gets decreases because of project progresses.

Strategies and Limitations for Lifecycle:

Remember that a merchandise life cycle concept has the limitations. Not each product follows a smooth, predictable bell curve from an introduction to say no. A product may appear to be within decline phase and luxuriate in a return to a maturity phase thanks to the competitor exiting the market or a successful project of rejuvenation strategy.With regards to the project life cycle management, things tend to be far more clearly explained but be careful for a “scope creep.” this is often the tendency for the projects to repeatedly grow in width to a purpose where they never actually get be completed. it’s vital to distinguish a stages of product life cycle so all involved for understand when it is time to the maneuver from a one step to subsequent.

Project & Product Life Cycle Phases:

• Initiation.
• Planning.
• Executing.
• Controlling.
• Closing.

These phases will vary the counting on industry, organization, or sort of project that’s being executed. Monitoring and controlling may be part of each process at various phases. All the phases have various characteristics. Projects of an equivalent organization may be implement equivalent phases consistent with an organizational needs.

Product Life Cycle Phases:

• Development.
• Introduction.
• Growth.
• Maturity.
• Decline.

The development phase starts when a corporate generates thought to make merchandise. This phase also includes creation of the merchandise. Once a merchandise is made the introduction phase comes into the play during which the merchandise is introduced to a market. During the expansion phase, potential customers become conscious of a merchandise. Therefore sales and revenues begin to an extend and profits begin to accrue.

Project & Product Life Cycle Example:

Product Life Cycle Example:

Assume that a company generated a thought to make a bit of a software and sell it within the market. Then, completed a coding phase and created merchandise. First, introduced this product to a market and began selling. then sales and profits are increased. counting on a market demand and competition, growth became a negative and profits declined.

Project Life Cycle Example:

Assume that simply have a project to make a new software. First, create a project charter and identify a key project stakeholders. Then will develop a project management plan and make a project schedule. then, coding phase will start during which can write the codes of the software. Finally, fork over a software to the client, and therefore the project is going to be closed. this is often an simple example of a life cycle of a project.

Analysis:

PLC Analysis:

Companies often a perform PLC Analysis (product life cycle analysis) to know if their products are be favored withina market, and when it’s needed to need the required actions. They examine a variety of the parameters like competitor analysis, sales performance, and expenses to decide on a way to develop their products considering requirements. PLC Analysis offers a general insight to the companies regarding where their products are and way to extend sales.

Product Life Cycle Management:

Management has got to consider the different business areas or fields to form a merchandise a hit. Following are specialized management fields that need to be taken care of right from a launch of the merchandise to its decline within a market:

Manufacturing: a value of production of the products and services matter and vary to the excellent extent during the product’s life cycle. This cost is more high at an event stage whereas it gradually decreases at an expansion and maturity stages.

Marketing: The strategy for a marketing the merchandise varies at every stage. When an introduction stage needs an excessive marketing and promotion, unlike an expansion stage where a merchandise needs less publicity and is famous among customers, this strategy changes entirely at a decline stage.

Financing: The initial capital requirement at a introduction stage of the product is sort of high. Whereas, at an expansion and maturity stage, a merchandise self finances itself through a sales and profit earned by it.

Development: At an event stage of product, a management must specialize in a research and analysis. It invests the maximum time, energy, and effort in a development of the replacement product.

Advantages Of a Product and project Life Cycle:

• It provides a structure for project delivery.
• The project lifecycle provides the organised method to a project delivery.
• This allows for everyone working on a project to see and monitor how the project is developing, as well as a whether there are any problems with a specific deliverables.
• It also precisely explains the actions and deliverables for every phase, as well as a allocated tasks. This gives the consistent road plan for a teams to follow.

It improves the communication between team members:

Aids communication and helps to explain roles within a project organization because it provides the framework for a project that’s visible and understood by all members of a project. Also, roles and responsibilities are often assigned consistent with a project phase. This makes it simple for people to know what they are ought to be doing in every phase. It also helps business to plan levels of a resource requirements to avoid wasted resources but can ensure that resource is out there as be needed. The Implementation phase would need the foremost resource.

It enables reach to be tracked across the organization:

The project lifecycle will allow project manager to link the progress on to each phase and recognize a completion of every phase, i.e. the Concept Stage encompasses everything up to assembly of a business case. The Definition phase includes an assembly of a project management plan and each one subsidiary plan, like a danger management plan and therefore, a quality plan and an Implementation phase cover the development of a varied components that comprise a top product – this phase is weakened into the Design and Build stages.

It Allows for a project’s natural change:

The phases of a project lifecycle give the overview of the project’s progress, allowing to identify areas that need more attention at a specific eras, such as a risk management in an early stages and also more Project Evaluation Reviews at an Implementation stage. The project information is expanded in a greater detail with every stage. The financial estimations are be improved, but as a result, plans are improved in a more details.

It allows for an organised reviews that aid in governance:

The planning process will specify when a Performance Review and, as a result, a Gate Reviews can take place, allowing a project manager to schedule the completion of reports in a preparation for a reviews. It will also had more employees to post their attendance, allowing for a rapid choices on a ‘go or no go’ for the project development. These periodical assessments also provide the stakeholders more confidence by validating early successes and ensuring that a project is still feasible and on track – alternatively, these are often exit routes if a project is no longer possible.

Product Life Cycle:

A product life cycle is an extensively employed by an organizations to know and estimate a performance of a product within market. the corporate can benefit within a followings ways from the product life cycle:

Simple Sales Forecasting: a merchandise life cycle is an estimation of a sales which the merchandise is going to be a ready to make in its lifetime.

Competitive Advantage: Analyzing a lifetime of a product With in a market and framing the strategies, Which helps the corporate to face the Competitive.

Explained Strategies: If a corporate is conscious of a product’s future performance, the corporate can find and plan strategies at the end of the day.

Decision Making: to form a crucial decisions associated with merchandise like a development or improvement, product life cycle analysis is more important.

Marketing Target and Positioning: The product life cycle offers for targeting a proper audience and establishing brand image of the merchandise.

Conclusion:

The project life cycle may be the part of a merchandise life cycle. The project life cycle is typically a subset of a merchandise life cycle. the merchandise life cycle starts from an inception of thought and ends when a merchandise is retired.The organization’s business model depends on a merchandise cycle. A product life cycle includes a whole lifetime of the merchandise including updates and also upgrades, however, products are upgraded with an assistance of a project.