Project Life Cycle Versus Product Life Cycle

A project life cycle depict the linear progression of a project, from defining the project through making a plan, executing the work, and closing out the project. Dividing the project into phases permits for increased project control by the performing organization. These phases are usually sequential and overlapping.

Project life cycles can vary depending on the industry, the organization, or perhaps  the kind of project that's being conducted. There are sometimes transitions between the phases that need some type of handoff or information or data component transfer.

Generally speaking, staffing levels and costs are less at the beginning of the project life cycle and then rise during the middle. Risk, or uncertainty, however, is more at the beginning of the project life cycle and reduces as the project becomes progressively defined.

Each project life cycle produces only one single project.

Let us compare the above project life cycle with product life cycle
Product life cycle is also sequential but they are not overlapping phases.
It doesn't matter what the product is , every product goes through the same product life cycle 

We start up with an Idea, Create the Idea , Introduce the idea in the market, It rose , It matures , It declines then it retires
For Example : It could be a Cell Phone  or a clothing item or Coca Cola
Within a product life cycle there can be multiple project life cycle , so it is one to many relationship i.e one product life cycle against multiple project life cycle
In the above example of coca-cola, every time coke enters a new market , they do their branding, a major new commercials , they add a new product line anything like that are projects within a product life cycle so it is one to many relationships

Comparison

• Project life cycle varies as per Industry, Organization, depends on the methodology

• Sequential overlapping phases

• Product life cycle remains the same regardless of what the product is

• Sequential but not overlapping phases

I hope you found this article valuable and you learn something about difference between project life cycle and product life cycle

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Project Versus Operation

Work completed by a performing organization can be considered either operations or projects. As PMP exams test your practical knowledge of project management, the difference between projects and operations should be recognized.

PROJECTS

PMI PMBOK Guide defines Project as "A temporary endeavor undertaken to create a unique product, service, or result"

Using that definition a project is 

• A temporary endeavor undertaken to create a unique product, service or result  
• Definite beginning and a definite end  
• Does not mean short duration
• Produce a product or artifact, quantifiable, an end item or a component item
• A capability to perform a service, such as BPO
• A result, may be a research results or documents 
• An improvement in an existing product or service 

Operations
Operations are basically performing a routine execution of activities in organization primary business. 

Routine activities like issuing pay checks to employees at the end of the month, Follow up of payments from debtors, Maintenance of Hardware are example of operations

 There are similar characteristics between project and operations

• Both are performed by individuals
• Constrained by limited resources such as time, money, people and equipment
• Both are planned, executed and controlled 

I hope with this article you have a clear understanding about project vs operations

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What is a Project ?
What is Progressive Elaboration ?
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Project Statement of Work Versus Business Case
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What is a Project ?

A Project is a “Set of TIME-BOUND Activities with constraints such as COST , SCOPE and TIME” that means you have a specific start time and a specific end time, Of course we have certain boundaries and constraints to do this activities they might be cost , scope, time and  other aspects
 

PMBOK Definition , 

“A temporary endeavor undertaken to create a unique product, service or result.”

First of all it has a specific goal which should be measurable, Challenging, specific and scheduled. The end date of a project which is a part of the goal leads to the first restriction: a lack of time. All projects are characterized by a lack of time

The biggest problem faced by Project Managers are TCS means time, cost and scope.

Secondly most project managers don’t receive sufficient resources like personal staff. A project would not be a project if you had more time, resources, cost and scope to achieve your goals. Exactly the opposite is the project reality.

Every project is always a deadline based which is called a constraint in project for Example : Mr. Narendra Modi AD campaign at the time of 2014 election, TATA Nano Car Launch ,Delhi Metro , New Delhi Airport all of these are project but certain specific deadlines were given to them, could you recognize one thing in common they are not operations , Once project is finished it would be operated by operations department

A project manager has to tackle changes towards T.C.S therefore he uses professional project management tools which can help him to stay abreast and not to lose focus.

Project can be of many types

• Business & Organization Change Projects :- Internal   Software Development project

• Complex Projects :- Indira Gandhi International Airport

• Constructions Projects :- A Large construction project may be like DLF

• Disaster recovery projects

• Events Projects :- Oscar Awards or as an Event

Professional Project Management follows universal rules. This mean it doesn’t matter for which of the reasons described above a project is started. The project manager will always have to deal with restrictions of money, personal staff and time. 

For the moment it is enough to have an impression of what a project is and why should you use professional management tools in order to realize your personal challenges more effectively.

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Project Versus Operations
Project Life Cycle Versus Product Life Cycle
What is Progressive Elaboration ?
Enterprise Environmental Factors Versus Organizational Process Assets
Project Statement of Work Versus Business Case
Assumptions Versus Constraints
Corrective Actions Versus Preventive Actions Versus Defect Repair