Entrepreneurship Development Life Cycle Essay

4468 Words Jan 24th, 2012 18 Pages
Entrepreneurship Development – self prepared notes
The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Birth phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize
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* Quality: the spread or deviation allowed from a desired standard. * Risk: defines in advance what may happen to drive the plan off course, and what will be done to recover the situation.
Balanced Plans

The sad thing about plans is you cannot have everything immediately. Many people plan using planning software packages, without realising the tradeoffs that must be made. They assume that if they write a plan down, reality will follow their wishes. Nothing is further from the truth. The point of a plan is to balance: * The scope, and quality constraint against, * The time and resource constraint, * While minimising the risks.

Bad Plan Example

When considering whether or not you have a project on your hands, there are some things to keep in mind. First, is it a project or ongoing operation? Next, if it is a project; who are the stakeholders? And third, what characteristics distinguish this endeavor as a project?
A project has several characteristics: * Projects are unique. * Projects are temporary in nature and have a definite beginning and ending date. * Projects are completed when the project goals are achieved or it’s determined the project is no longer viable. * A successful project is one that meets or exceeds the expectations of your stakeholders.
Consider the following scenario: The VP of marketing approaches you with a fabulous idea. (Obviously it must be “fabulous” because he thought of it.) He wants to

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