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• *Product Life Cycle: The series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.
The product lifecycle is used to launch a new product. A single product life cycle may have been generated as an outcome of several projects (multiple project life cycles). For example, a project undertaken to bring out a new desktop computer in to the market constitutes only one phase in the product life cycle of the desktop computer.
• *Project Life Cycle: The series of phases that a project passes through from its initiation to its closure.
Understanding the project life cycle constitutes the basic framework needed for managing the project.
• Project Management Life Cycle: It describes the processes required to be followed to manage the project and are grouped under various process groups (i.e., Initiating, Planning, Executing, Monitoring & Controlling, and Closing) explained in PMBOK® Guide - Fifth Edition.
product life cycle is duration of product from development till its end of use or existense in market.
Project life cycle is the duration build a product from planning to end product
project management lif cycle is duration that management process it taken to achieve its goal of building product that is defined in that project
All three are different
Product life cycle - for the product, after the project life cycle
Project life cycle - different stages of the project
Project Management Life cycle - Only until completion of the project only
Product Life Cycle: represent the amount of revenue a product generates over time, from its inception to the point where it is discontinued. Project Life Cycle: mesuares the work that goes into a project from beginning to end. Product management Life Cycle: usually broken down into four phases initation,planning,execution,and closure.
A project life cycle measures the work that goes into a project from beginning to end. The phases in product life cycle are initiation, planning, execution, and closure. ... Execution involves following each step on the project plan and adjusting as necessary along the way.
PMBOK IS THE PROCESS OF MANEGING a new businss idea to maturity though advertise, pomotion and discount to the constomer.good way to pass round the importants of the product
Worthy explanation with full information. Easy to understand for the PMP aspirants. Maashaa Allah Well done sir.
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