PMP & ITIL Study Guide

Project Life Cycle divides the project into phases that provide better management control and the appropriate links to the ongoing operations of the organization and defines the beginning and end of the project.
Some important characteristics of Project Life Cycle are:

• Defines the beginning and end of the project.
  
• Deliverables usually approved before work starts on the next phase.
  
• Sometimes a subsequent phase is begun prior to approval of the previous phase. This is called fast tracking.
  
• Defines technical work and implementers.
  
• Cost and staffing levels are low at the start, higher towards the end, and drop as project closes.
  
• Probability of project success is low at the start of the project and gets progressively higher as the project continues.
  
• Cost of changes and of error correction generally increases as the project continues