A Project Management Life Cycle basically comprises of the stage or phases that a project typically goes through. Each project essentially has four phases – Initiation, Planning, Execution and Closure. Monitoring and Controlling is one activity that is common to all the phases.
The different types of Project Management Life Cycle are,
1. Predictive Life Cycle / Waterfall Model / Fully Plan Driven Life Cycle
In the Waterfall model, the project takes a phase by phase approach whereby the work on each phase is completed before moving onto the next phase. For instance, all requirements must be signed off before development can begin. In the end, the outcome is the final product
2. Iterative and Incremental Life Cycle
As opposed to the Waterfall model, in the Iterative and Incremental Life Cycle, the development team can start working on a single set of requirements once they are signed off. This way, while the relevant stakeholders are still working on the remaining set of requirements, the development and eventually the testing team can start their work as well. The outcome is partial product that ‘increments’ as we move further
3. Adaptive Life Cycle / Change Driven / Agile
Just like the Waterfall model, the project will take the phase by phase approach but multiple times. Each iteration will generate a deliverable or a set of deliverables. The outcome could be an instance of the end product which can be improved in further iterations