Two major concepts in project management are Project Life Cycle and Product Life Cycle. These two concepts are must study for professionals looking forward towards attaining a Introduction to CAPM program. Let’s have a look at the same in this post.
Project Life Cycle
Project Life Cycle is the entire cycle that enraptures a project. It means the different phases that take place within a project. There are typically five different processes that take place in a project, namely:
- Initiation
- Planning
- Executing
- Monitoring and Control
- Closing
Initiation, planning, executing, monitoring, and controlling, and closing is also the five basic processes of project management. Every project has these five phases in existence. Initiation, planning, executing, and closing takes place once throughout the process; however, monitoring and control need to be done even after closing of the project towards smooth and fluent project delivery. Also, monitoring and control is a part of every process at different levels.
Product Life Cycle
Product Life Cycle defines the different stages that enrapture the growth of a product. A product typically goes through the below-mentioned stages.
- Market Introduction
- Market Growth
- Market Maturity
- Decline and Saturation Stage
At each stage of a product life cycle, marketing strategies along with revenue and profit generation might keep changing. Every product moves through a life cycle right from the project initiation stage through developing a product until it reaches the end of the life cycle. Every product in different stages of product life cycle goes through each phase of the project life cycle. That is the primary difference between the project life cycle and product life cycle. To know more about the same, you can explore Simplilearn’s CAPM® Certification training page.
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