There are different ways to undertake projects.
Project Managers need to be aware of the options available to select the right approach for a specific situation.
Let’s analyze four types of life cycles:
- Predictive life cycle: the Project Manager focuses on defining the scope for the project. Then he/she develops a plan on how the product can be delivered. Finally the plan is executed through project phases.
- Iterative life cycle: the phases can overlap or happen sequentially. The cost and time estimates are modified routinely especially when the understanding of the product increases.
- Incremental life cycle: it develops a product through the implementation of incremental steps which have predetermined timeframes.
- Agile life cycle: it is both iterative and incremental to refine work items and deliver frequently.
Keep in mind: we can say that agile is at one end and predictive is at the other end.