By looking at the benefits at each stage of the project life cycle ensures and questions what is required, why are we doing this, is it still the right thing to do?
A life cycle works through the different stages of a project,
Concept,
Definition,
Development,
Handover Closure
Benefits realisation
Termination
1) At each stage of the project it will help understand
What resources are required how many people?
What skill sets are needed?
How long the different types of resource are required.
Is the project still delivering the benefit required?
Making sure the project is still viable.
2) Will ensure
Project reviews are undertaken
Stage gate decisions are made
Stop, change, continue and obtain sign off
Change and ensure the project is still going to realise the benefit?
3) Ensure that a standard approach is being taken
Methodology approach is being. IE APMP, Prince 2 or a company’s own Ways of working.
Correct Plans are in Place, Risks are reviewed
Communication plans maintained
Business case is still being reviewed
PMP plan being updated
Monthly reports are being issued, and discussed.
4) By taking a standard and governed approach,
Ensure confidence is given to everyone involved in the project,
Ensure the project is he project is moving forward
Give confidence to stakeholders and sponsor that the project is delivering the required benefit
Helps assist in making decisions
Regular reviews… sponsor, management, finance, benefits, teams
5) By having a defined life cycle, we can ensure the benefits of the stages are being delivered.
i. The concept stage – rule out ideas and develop and idea which is going to bring change, reliability, cost improvement, lower failures.
ii. The definition stage, is the stage where you would look at what is needed, level of governance, set up of activities, Raci charts, set up reviews, a real in depth process, sign off business case and PMP.
iii. Development stage, this is where the activities start, this is a really important stage to the project as regular reviews need to be undertaken, procurement activities, build and development stages, ensuring value for money and risks are being mitigated out..
iv. Handover, closure – this stage is making sure the project is transferred over to the client and to take ownership of the deliverables no.
v. Benefits realisation, after and agreed period of time, a review will happen to ensure the project is delivering what was requested within the business case.
vi. Termination of the project, close out, release the team to undertake other projects, finish all reports, update lessons learnt, final account, obtain sign off from the client and sponsor project completion. File and document control paperwork.
