Project Lifecycle Management refers to the handling of a project or portfolio of projects as they progress through the typical stages of the project lifecycle: 1) initiation; 2) planning; 3) execution 4) closure. This discipline involves managing everything required for these stages. The concept of project lifecycle management helps inform Project Business decision-making, from proposals and pricing to execution and project governance to closure and hand-over.
Understanding Project Lifecycle Management
Effective Project Lifecycle Management brings together various departments, disciplines, employees, and information involved with the project to streamline their activities with the ultimate goal of delivering a project on time and within budget.
Project Lifecycle Management is an organizational activity that goes beyond project management. It is the overarching discipline of managing a project lifecycle, not necessarily the project itself. It involves the question of how you manage your project lifecycles as an organization.
Project Lifecycle Management Software
Project Lifecycle Management Software helps organizations cope with the complexity and unique challenges of delivering projects as a business. This type of solution integrates the various processes and data needed to manage the project lifecycle. These include but are not limited to project management and operations, project financials and accounting, project insight and analytics, and project portfolio management.
Microsoft Dynamics 365 Project Operations may be one solution you may consider for Project Lifecycle Management. Is it right for you?
Project Business Automation (PBA) is a type of solution that encompasses Project Lifecycle Management. PBA manages all aspects of a project’s lifecycle and brings that into a comprehensive business system that incorporates it into the management processes of the business as a whole. As a result, everyone in the company works from one source of truth, increasing efficiency, visibility, and effectiveness across the organization.
Download the Project Business Automation Blueprint to learn how PBA creates a streamlined, comprehensive system for project-based companies.