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Business is a term which is related to the is related with the production if good and selling of good to earn the profit.
Project Life Cycle is a sequence of Activities which are bind together to achieve the goal or target. Initiation: In the first phase, called initial or initiation stage, in this phase project are defined. Planning: In the Second Phase of a Project Life Cycle all the planning is done which is required for the Project achieve the target goal. Execution: In the first two phases project has been defined and all the planning related to the Project is done for getting a specific output. Closure: In the last Phase of Life Cycle, Project reach at their end point or we can say that Project will move towards its completion stage. A project is a temporary venture with a specific start and end dates, with defined goals and objectives to be met.  Ensuring that the project is implemented well and gets desirable results requires some amount of discipline in planning, organizing, managing and financing and this is known as Project Management.
Abstract: The IT Project Framework (also known as the IT Project Management Framework) identifies, defines and describes the key activities that an IT Organization must perform, in each and every operating Environment, in order to successfully deliver a versioned Release of IT Solutions and Assets, such as Products, Software, Systems, and Applications to their intended Markets, Customers, Operating Environments and End Users. Before getting into the Project Framework, itself, we first have to understand the definition of Project. A set of defined Tasks, Activities, or Actions that have been grouped together to achieve some desired set of Results, Outcomes, Objectives or Deliverables, such as Products, Goods or Services. Given this definition of "Project" as a basline, we can now define, both, a Business Project and an IT Project. A set of defined Tasks, Activities, or Actions that have been grouped together to achieve some desired set of Results, Outcomes, Objectives or Deliverables, such as Products, Goods or Services, all specifically for or by Business (i.e.
As you read through this framework, you'll find some patterns that apply, both, to Business Projects as well as to IT Projects. Also, the IT Project Framework and the details, here in, are based on and align with the Systems Development Life Cycle (SDLC). Many IT professionals view a Release as nothing more than a specific version of a specific Asset, such as a Product, Software, or System.
Given that a Release is the equivalent of an IT Project, it goes without saying that a successful IT Project Manager "always" ensures that his or her Project Plan, revolves around, covers and accounts for all SDLC specific activities. With respect to versioning, Releases are always associated with an Asset, Service or a Capability and represent a versioning of such Assets, Services or Capabilities.
If your enterprise does not use Versioned Releases as a way of controlling units of delivery and bundles of repeatable work activities for its Products, Capabilities and Services, it may want to reconsider doing so. In summary, the typical IT Project is equivalent to one single Release of a Product, System, Software, Service, Capability or any other general solution that is delivered by IT to its End User communities, whether they be paying Customers or not.
The above example shows us that, when we use SDLC phases as the foundation for laying out our IT Project Plans, we start to clearly group "like" Acitivities or Tasks. The above figure shows how a single Product, named "XYZ," is broken down into a number of different Releases, inteded to be delivered over a period of a number of years. Looking closely at the above example, we can now see that any phase in the SDLC acts as a basic Milestone unit in an IT Project Plan, and all combined phases of the entire SDLC (i.e. Given that an IT Project is equivalent to the Release of a Solutions, such as a Product or Service, it would be an easy assumption to make that an IT Project Manager and a Release Manager have the same roles and responsibilities. Unlike the IT Project Manager, the IT Release Manager has more responsibilities than the IT Project Manager because he or she must not only be concerned with the identification and execution of Release work but he or she also has the responsibilites of defining and delivering the entire Release, including but not limited to the identification of what the Release will encapsulate or deliver (i.e. The above figure helps us understand how IT Project Plans and the IT Project Manager Role fit into the bigger picture, as is relevant to Releases and Solutions.

Because the SDLC can be standardized and because it is very repeatable, experienced IT Organizations use Project Plans Templates as tools to help standardize IT Delivery. A mature enterprise usually has between three (3) and ten (10) standard IT Project Plan Templates, for common IT Project Types, that are published to all Project Managers and Project Teams for reuse. You can always identify a good Project Manager because he or she looks for or creates highly reusable Project Plan Templates.
Release or IT Project versioning allows for things like segmentation of work, against other Releases, and also is a great way to capture and correlate knowledge about that specific Release. A Release Plan or IT Project Plan should be set up to follow the phases of an SDLC, whenever possible, so as to reduce the risk of unaccounted for Tasks, within the Project. Each individual IT Project or Release is part of a greater Program, often associated with a multi-year plan for an Asset or a Solution, such as but not limited to Systems, Applications, Software, and Hardware.
The patterns that IT Projects or Releases follow can be represented by Template Project Plans. Using Templates for Project Plans allows many advantages, such as rapid setup of a new IT Project or Release as well as the constant improvement of each Template, with each new IT Project or Release, leading to higher quality of delivery. Templates can be used to address the simplest IT Projects, such as incremental updates to an Asset, or complex IT Projects, such as Mergers, Acquisitions, and Divestitures.
You can always identify a good IT Project manager because he or she constantly pushes for reuse, through solutions such as IT Project Templates. Project Life Cycle from the business view is related with the Production of the Product to the selling of the product. It is also a responsibility of the project Manager to arrange the resources which are required for the completion of the Project. In this planning phase all the task are assigned to particular team member according to his calibre.
In the third Phase of a Project Life Cycle, the entire tasks are being executed according to the given input.
In this phase after the completion of the Project a report is written in form of documentation about the Project. Management of a project is required to work well within the constraints of a project namely: scope, time and budget.
Project Management Jargons: The jargons used may make it appear like they are more complicated than it is actually is. Initiation Documentation: To avoid different perspectives of where the project is or how it is to be executed, a project initiation document is required.
Time Estimation: A project comes with an end date and hence the tasks also need to be estimated and timed. Estimation and Managing Costs: The project cost management process ensures that all the costs involved in the project are recorded or accounted for, necessary approvals and sanctions are in place and tracked from time to time. Breakdown of Work: A project is made easy by breaking down the entire structure to manageable bits in a methodical manner. Reporting: Project progress reports are essential to let the stakeholders know of the progress, issues, milestones met, budget status, identified risks, mitigations etc. Handling Change Management: It is unrealistic to expect no changes to happen in the scope, time or budget of the project and assume it will go exactly as planned. Project management is one of the most acceptable and interesting approach for any of the organization to go in a smooth and streamlined manner. I have not had a project management class since college, and reading this post made me recall many concepts that I thought that I had forgotten.

The whole requirement of the Project is to produce in the first phase of the specific product. So according to the requirement of the Project well experienced person who has a complete knowledge about the handling of the project is appointed as a Project Manager.
As the Planning of the work is done before it’s starting, so all the process running smoothly and complete at a fix time.
It involves releasing the final deliverables to the customer, handing over the documentation to operations team, closure of supplier contracts, release of resources etc. So ensuring you are familiar with the project management jargons will help you understand the conversations around you, increase your understanding of the work involved etc. Quite often to get the work started, enough importance is not given to the planning phase and repercussions of this are seen through the project. This gives an idea to the team about when they need to complete what set of activities, and is crucial for getting the contracts, fixing the revenue and knowing what the profit margins are.
More importantly, the project manager needs to ensure the costs do not overshoot the budget and result in losses. The structure clarifies or calls out tasks that can be performed without any dependence, assigns responsibilities to the various team members, allocates other resources and also acts as a controller of the project. The reports are usually created by project managers and the target audience is project sponsor, finance, executive team, and project team members.  The reports can also help analyze trend lines. As a project manager, you will need to make the transition and help in implementing the change as easily as possible by all people involved. Just as to make the stuffs go in a straight forward and streamlined manner it is highly important to adopt a tool that specifically defines the overall project management in a processed way. I have learned that approaching a major project at times can seem a bit daunting; therefore we must break it down into simple tasks related to our strengths. So, it is the duty of the Project Manager to select the Project Team Members according to the requirement of the project.
The plan includes scope, schedule, requirements gathering, financial and quality management, risk and procurement management, etc.
This document defines the scope and clarifies the need for the project, charts out the roles of each team member, etc. Subject matter experts on the project are the ‘Consulted’; and the people kept informed about the progress made are the ‘Informed’. We do use the cloud based task management software from Replicon that helps for a successful end up of the tool in a respective manner. This will provide insight into the logistics of what needs to be done preventing us from becoming overwhelmed by the challenge.
Project Life Cycle in Consist of four of phases which are helpful for the completion of project and give the specific output.
The Scope of the Project is also defined in this phase and also defines the complete approach to get the required output.
Furthermore, procrastination will become an issue when we are not focused on what needs to be done first.

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