Project Life Cycle vs Product Life Cycle

Project Life Cycle vs Product Life Cycle

You may think that the project life cycle and the product life cycle are similar; they are not. As a project manager, you should know the difference between these two concepts to align your business objectives with your project objectives.

Since a project produces a product and then ends and the product stays for a longer time, the product life cycle is bigger than the project life cycle.

On the PMP exam, you may see a few questions on this topic, so understand it well.

Project Management Vs Program Management Vs Portfolio Management
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Project Management Vs Program Management Vs Portfolio Management

As the saying goes, there is always room for improvement, and organizations are constantly looking for ways to improve processes and optimize resource utilization. If an organization is big and juggling many projects at the same time, it is difficult for them to better utilize their resources if all projects are performed in isolation.

So, they manage projects in groups to use the resources efficiently.

Now, if an organization has more than one project, they will deal with them under a program or portfolio.

The distribution of projects under a program or portfolio depends on the nature and the type of project. Programs are managed through program management and portfolios are managed through portfolio management.

To manage a project under any of the above, it is necessary to understand the concepts well.

What are Projects and Operations?
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What are Projects and Operations?

I often see that aspirants do not understand the difference between a project and an operation. I regularly receive emails from those who are interested in applying for the PMP exam but are working with operations.

Some aspirants applied for the PMP exam, were selected for audit, and failed it. Afterward they contacted me and I reviewed their application. I found that they have been working in operations, but they thought they were in project management and that was why they failed the audit process.

Therefore, it is important for you to understand the difference between these two terms so you know if you are eligible to apply for the PMP exam.

Business Case: Definition, Example, and Template

Business Case: Definition, Example, and Template

Projects have risks. Risks come in different forms, such as financial losses, reputation, market share, customer loyalty, etc. A business case can help reduce these risks. Before initiating a project, organizations ensure the project is worth the investment of resources. A business case is a phase gate that determines whether a project will continue to…

Request For Quotation: RFQ Meaning, Definition, and Example

Request For Quotation: RFQ Meaning, Definition, and Example

Projects require supplies, consumables, or support from third parties, and a Request for Quotation (RFQ) is a great help in these situations. This contract document communicates the buyer’s requirements to sellers. The sellers will review the RFQ, ask for clarification, and submit their responses. The buyer can also organize a bidder conference where bidders can…

Request For Information: RFI Meaning, Definition & Example

Request For Information: RFI Meaning, Definition & Example

Most projects require external support to achieve their objectives. They often lack information on the requirements, prices, and technology involved.  In this case, they need information on their requirements to proceed further. They get this information through a Request for Information (RFI). They share the available details with prospective sellers to provide the necessary information…

Request For Proposal: RFP Meaning, Definition, and Example

Request For Proposal: RFP Meaning, Definition, and Example

When your organization has a problem but does not have a solution, they require help from third parties. At this point, a Request for Proposal (RFP) helps them out. In RFP, the organization explains the problem, and the vendors submit their best solution. This blog will discuss the RFP’s definition and provide examples to explain this project…

Kick-Off Meeting: A Guide on Conducting Project Kickoff Meeting

Kick-Off Meeting: A Guide on Conducting Project Kickoff Meeting

A project kick-off meeting is one of the most important meetings for a project. You will have many meetings during the project life cycle with your stakeholders. Other meetings may involve you and your team members or include management and the client discussing the project status, issues, and plans.  These meetings have significance; however, the…

Project Selection Methods in Project Management

Project Selection Methods in Project Management

Rarely an organization has unlimited resources to go after all available opportunities. In most cases, they have limited resources and they have to select the best option.

In project management, organizations have many techniques for project selection. They make a decision as the stakes can be high and wrong ones are costly.

Let’s say your organization has many proposals but they cannot undertake all of them due to resource constraints. Therefore, they will select a project that is the least risky and could provide them with the maximum profit. Often, recognition is also a factor.

As a project manager, you may not have any role in the project selection process but you should know why the project was selected and how it fits into the organization’s strategic objectives.