A Project life cycle is made up of project phases as described in the previous section. Each project goes through its project life cycle phases. In the diagram below, we have called the project phases by the generic names: Start It, Plan It, Do It, and Finish It.

The stages of the Product life cycle span from the time of an idea for a new product, all the way to product retirement. The length of each stage varies considerably for different products.

Multiple projects related to a product will take place during a product’s life cycle. Within a single product life cycle stage, there may be one or more projects that take place. A project may even span multiple stages of the product life cycle.

For example, during the Product Development stage, you may have projects related to design, prototyping, market analysis, etc. In the Product Introduction stage, you may have marketing projects, support projects, and sales projects. During the Product Growth stage, you have projects to add new features or create new versions, as well as additional marketing and sales projects. When reaching Product Maturity, projects related to manufacturing are common. Finally, at the time of Product Decline and Retirement, you will need to have projects to close down manufacturing and support.

 

Materials are based on the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK^® Guide) 7th Edition, Project Management Institute, Inc., 2021

PMBOK is a registered mark of the Project Management Institute, Inc.