Predictive Life Cycle
Five different types of project life cycles can be applied to the project. The kind of cycle should be chosen based on the goals and characteristics of the project. The first type is predictive, when the scope, time, and costs of the project are defined at the early stages of its development (Heldman, 2020). A predictive life cycle is the best option for the project with a low risk of unpredictable events and a limited possibility of changes. This type focuses on receiving the value at the end of the project completion.
Iterative Life Cycle
The second type is iterative, when the project’s scope is defined in the early stages, but time and costs are constantly modified during the implementation process. The project’s requirements should be dynamic and change throughout the implementation (Heldman, 2020). The activities are set and repeated to improve them and achieve a single deliverable in the best way possible. This life cycle is focused on improving the project’s outcome through successive concept testing and modification. Therefore, this type is used to develop the initial concept and receive substantial feedback at each iteration.
Incremental Life Cycle
The third type is incremental, when project deliverables are defined and modified through a series of iterations that are implemented successively. This life cycle demands dynamic requirements as well, but focuses on delivering different increments as fast as possible. This approach is used when a company needs to implement the project’s results before its full completion in order to generate constant value. Therefore, an incremental life cycle delivers smaller outcomes as part of the overall goal of the project.
Agile Life Cycle
The fourth type is agile or adaptive, which deals with numerous changes that can occur during project implementation. It relies on predicting and managing possible risks and problems (Heldman, 2020). The project’s requirements are expected to change over the course of its implementation. The agile approach combines incremental and iterative life cycles. It focuses on smaller deliverables and repeating activities to improve them. The manager can plan the subsequent iterations based on the feedback received and divide the project into smaller activities.
Hybrid Life Cycle
The fifth type is hybrid, implying that the project team uses different approaches depending on the project’s characteristics. Teoh et al. (2021) note that customized life cycles developed based on the project goals and risks are the most efficient. Additionally, it is critical to transform the approach during the implementation process in order to respond to unexpected problems and manage possible risks.
References
Hapuwatte, B. M., & Jawahir, I. S. (2019). A total life cycle approach for developing predictive design methodologies to optimize product performance. Procedia Manufacturing, 33, 11-18. Web.
Heldman, K. (2020). PMP: Project Management Professional exam study guide. Wiley.
Teoh, C. H., Zain, Z. M., & Lee, C. C. (2021). Manufacturing organization transformation – How customization of project life cycle and project governance for custom solution enhances the chances of success. Asia Pacific Management Review, 26(4), 226-236. Web.