Lesson 1
1c Project Life Cycle
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Project Life Cycle
Let us follow the project life cycle of a classical project, like
the construction of a house, from the very beginning to the very end,
and look at it from a generic point of view.
It all starts with an idea (of the house), |
We summarize this in the following graphic, emphasizing major milestones in red color.
Looking closer at the project budget or cost, we observe in most real life projects that we end up with a (much) higher final cost than originally planned before contract signatures.
Major reasons for that cost overrun are:
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