The Main Stages of a Project Life Cycle (PLC): This project has been initiated to achieve a mission and is said to be completed on the completion of the mission. The project lasts between these two cut-off periods and this intermediate time is called the Project Life Cycle. The life cycle of the project consists of the following three phases.
This project management life cycle is usually broken into three stages: standardization, construction, and pre-investment. These three make up that path. Which takes your project from beginning to end.
3 Importance Stages of a Project Life Cycle
- Normalization Phase
- Construction Phase
- Pre-Investment Phase
1. Normalization Phase:
The primary objective of this stage is to produce the goods and services for which the project was established. The expenditure has to be incurred on raw materials, fuel, utilities, and administration and operation maintenance. Etc
2. Construction Phase:
This stage consumes maximum expenditure. The construction phase consists of developing the infrastructure for the project. The capital requirement includes cost on land, buildings, civil works, machinery equipment, ancillaries, etc.
3. Pre-Investment Phase:
It is concerned with the formulation of objectives, demand forecasting, evaluation of input characteristics, selection of strategy, projections of the financial profile, cost-benefit analysis, and finally pre-investment appraisal. Some expenditure has to be incurred in the form of conducting surveys, feasibility studies, etc.
According to Cleland and King, a project goes through the following six stages:
- Conception phase.
- Definition phase.
The following figure model of the project life cycle is suitable for any type of project.