Project Life Cyle

Question 1

What is the Project Life Cycle?

Answer 1

Projects are developed to create a product.

Question 2

What are some characteristics of Project Life Cycle?

Answer 2

As time passes, 1) Stakeholder influence, risk and uncertainty decreases, 2) Cost of change increases; as works is completed but need changes, costs will increase to redo.

Question 3

What is the Product Life Cycle?

Answer 3

Deals with 1) Time and 2) Sales.

Question 4

What are the 4 Phases of Product Life Cycle?

Answer 4

1) Introduction, 2) Growth, 3) Maturity, 4) Decline

Question 5

What phase do companies make the most money in Product Life Cycle?

Answer 5

Maturity

Question 6

Spending rate is highest during what phase of Product Life Cycle?

Answer 6

Spending rate is at its highest during the peak of the execution process group.