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1.2 Life Cycle of Major Engineering Projects - Coggle Diagram
1.2
Life Cycle of Major Engineering Projects
Life cycle models
the
plant
life cycle
Project
Exercise
Decommisioning
the project life cycle
Concept
/ Initiating
Design
/ Planning
Implementation
/ Execution
Commissioning
/ Handover or Closing
the
corporate investment
life cycle
Strategic Planning
Feasibility
Contract
Realisation
Exercise
Close Out
Major projects have much longer life cycles than projects.
A key aspect of the project life cycle is the level of influence versus the cost of change.
or the potential to add value versus the cost of change
The cost of change increases over the life cycle, even if the change taking place is exactly the same. Whereas the cost of level of influence (or the possibility to add value) decreases over the life cycle.
This is exactly why the concept phase is the most critical.
The cost of change is the lowest and the possibility to add value is the highest.
"Risk and uncertainty are highest at the start of the project. These factors decrease
over the life of the project as decisions are reached and as deliverables are accepted"
The
Rolling Wave (or phased) approach
to project management
"The Rolling Wave approach to project management suggests that the project planning effort “rolls out” detailed plans for the foreseeable future and, as the project evolves, periodically reevaluates the completion dates and costs."
(Knutson, 1996)
Require long-term (e.g. 3 years), mid-term (e.g. 1 year) and short-term (1 month, detailed) planning and then reevaluate them regularly.
Phase-to-phase relationships
sequential relationship
a phase of a project follows on only once the previous phase is finished.
might reduce uncertainty
e.g. waterfall model
overlapping relationship
the next phase of a project can begin before the previous one has finished.
This allows us to speed up the project's schedule
Might increases the amount of risk involved because of the lack of details and more changes required
Different teams working on different phases
Iterative Relationship
e.g. agile model
Same team working on different phases
Project Life Cycle
Life cycle essentially deal with the activities required to be done to deliver the project.
What you need to do "to do" the work
Projects life cycles differ from one project to another depending on the nature of the project and their deliverables
Types of project life cycles:
Adaptive life cycle / Agile model / Change driven
Iterative Life Cycle
Predictive life cycle / Waterfall model / Fully plan driven
Incremental Life Cycle
Hybrid Life Cycle
Project Management Process
What you need to do : to manage" the work
The project management process is the same for all projects and all phases of a project
Project management process:
Execution
Monitoring and controlling
Planning
Closing
Initiation