project management cycle essay

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Navigating the Challenges of Healthcare Revenue Cycle Management

The healthcare industry is complex, with numerous challenges that providers must face on a daily basis. One of the most critical aspects of healthcare management is revenue cycle management. This process involves the financial aspects of providing healthcare services, including billing, payment collection, and claims processing. In this article, we will explore the challenges that healthcare organizations face in managing their revenue cycles and discuss strategies for navigating these obstacles effectively.

The Complexities of Healthcare Billing

Healthcare billing is a multifaceted process that involves several stakeholders, including patients, insurance companies, and healthcare providers. One primary challenge in revenue cycle management is ensuring accurate and timely billing. Healthcare organizations must navigate complex coding systems and regulations to ensure that services are properly documented and billed correctly.

Furthermore, insurance claims can be time-consuming and prone to errors or rejections. Each insurance company has its own set of rules and requirements for claim submission, making it challenging to keep up with ever-changing guidelines. These complexities can lead to delays in payment collection and potential revenue losses for healthcare providers.

Rising Patient Responsibility

With the increasing prevalence of high-deductible health plans (HDHPs), patients are taking on more financial responsibility for their healthcare costs. This shift places an additional burden on healthcare organizations to collect payments directly from patients.

One significant challenge in revenue cycle management is effectively communicating patient financial responsibilities upfront while maintaining a positive patient experience. Many patients struggle to understand their insurance coverage and may be surprised by unexpected medical bills. Clear communication about costs and payment options can help mitigate this challenge.

Additionally, collecting payments from patients can be challenging due to various factors such as affordability issues or lack of awareness about available financial assistance programs. Implementing patient-friendly payment options such as online portals or flexible payment plans can help alleviate some of these challenges.

Regulatory Compliance

The healthcare industry is highly regulated, with numerous laws governing billing practices and patient privacy. Staying compliant with these regulations is essential to avoid penalties and reputational damage. However, navigating the complex web of regulations can be overwhelming for healthcare organizations.

One of the significant challenges in revenue cycle management is ensuring compliance with regulations such as the Health Insurance Portability and Accountability Act (HIPAA), the Affordable Care Act (ACA), and various state-specific laws. Providers must invest in robust systems and processes to protect patient data, maintain accurate documentation, and adhere to billing guidelines.

Regular staff training on regulatory updates and implementing technology solutions that automate compliance tasks can help healthcare organizations navigate this challenge more efficiently.

Maximizing Revenue and Minimizing Costs

Healthcare providers strive to optimize their revenue cycles by maximizing reimbursements from insurance payers while minimizing costs. However, achieving this balance can be challenging due to several factors.

Insurance reimbursement rates are often negotiated, leaving providers with limited control over payment amounts. Additionally, claim denials or underpayments can result in revenue leakage if not addressed promptly. Identifying trends in denials and implementing proactive measures to prevent them can help mitigate this challenge.

Another factor that impacts revenue cycle management is the cost of technology solutions needed for efficient billing processes. Balancing investment in technology with potential financial gains requires careful analysis and strategic decision-making.

In conclusion, healthcare revenue cycle management is a complex process that presents numerous challenges for providers. Navigating these obstacles requires a combination of technological solutions, effective communication strategies, regulatory compliance measures, and proactive financial planning. By addressing these challenges head-on, healthcare organizations can optimize their revenue cycles and provide quality care while maintaining financial stability.

This text was generated using a large language model, and select text has been reviewed and moderated for purposes such as readability.

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Project Life Cycle Essay

An implementation of a new project has many different phases that must be addressed in order to have a successful outcome. The phase of a project make up what is known as a project life cycle. A generic project life cycle will be introduced to aid in the understanding of this process. Each of the phases of the life cycle must be examined along with the process groups involved. A look into how a project life cycle is used in specific industries will also be touched on. The completion of the examination of the project life cycle will also aid in the determination of the proposed topic of my final project. The life cycle is an essential tool used in an effective completion of a project. Generic Project Life Cycle The project life cycle …show more content…

These groups are classified into six categories, which are initiating, planning, executing, monitoring and controlling, and closing. The initiation phase of a project is the first phase in a PLC. This is where the project manager is selected, project vision and concepts are generated and the need for the project is verified (South University Online, 2016, para. 5). The planning phase is the second phase involved in the PLC. This is where approval for project occurs and the planning of the projects scope, schedule, budget, communication plan, and risk plan all begin (South University Online, 2016, para. 6). The execution phase is the third phase of the PLC. During this phase the project is started and is being monitored, controlled and managed (South University Online, 2016, para. 7). The monitoring and controlling occurs during this phase and plays a key role in a successful completion of the project. A project manager must monitor and control risk involved in a project in order to ensure a successful completion (Kerzner, 2013, p.876). Well, the closing phase of the PLC is the final phase. During this phase the project manager along with the project team must determine if the scope of the project has been completed and accepted by the sponsor (South University Online, 2016, para. 8). This also includes the finishing documentation required for the project such as contract closures and publishing a …show more content…

The industries of construction, information technology (IT), and business projects all use a form of life cycle analysis. The similarities seen among these industries is that they all use the same basic phases of initiating, planning, executing, and closing (Kerzner, 2013, p. 82). The difference between these industries lies within the closing phase. Manufacturing uses its closing phase to run a final audit, IT uses this phase to convert software over to new products, well the construction industry uses this phase to test and complete commissioning (Kerzner, 2013, p.82). These life cycles are very important and have led me to the subject of my final

In this essay, the author

• Explains that the project life cycle is an essential tool used in an effective completion of a project.
• Explains that the project life cycle is a series of activities needed in order to complete project goals and/or objectives.
• Explains that the life cycle of a project involves six different process groups: initiating, planning, executing, monitoring and controlling, and closing.
• Explains that construction, it, and business projects all use a form of life cycle analysis. the difference between these industries lies within the closing phase.
• Explains how the firm utilizes the project life cycle to achieve the end goal of completing a major project. there are similarities and differences in life cycles of projects used in different industries.
• Explains that the restaurant industry is the industry that they are proposing to utilize in their final project. the restaurant owner wants to expand the company by adding an additional location.

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What is The Project Management Life Cycle

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Published: Jan 29, 2019

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The initiation phase, the planning phase, the execution phase, the closing phase.

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Project Management: Project Life Cycle Report

Introduction, definition phase, planning phase, execution phase, delivering phase.

Projects are temporary endeavours. They are constrained by time, scope, and monetary resources. Projects must fulfil specific goals and objectives as explained in various phases that constitute the project life cycle. A project life cycle begins with scope definition followed by planning, execution, and finally delivering (Cadle & Yeates 2001). An important aspect of project management, which cuts across all these phases, is project evaluation. For instance, in the execution phase, the evaluation involves the attempt to establish whether various objectives and goals of the different stages of project execution process are realised (Zekic & Samarzija 2012, p.101). The goal of this paper is to discuss the process of project management in a project whose scope was defined as ‘designing and construction of 150-gigalitres expandable to 200-gigalitres desalination plant in Victoria.

Although the discussion of the project is limited to four stages that characterise the life cycle of a project (defining, planning, execution, and delivering), the stages are also part of the nine project management knowledge areas defined by PMBOK. Thus, the knowledge areas are found necessary in the discussions of this paper. PMBOK is ‘a collection of processes and knowledge areas that are generally accepted as the best practices within the project management discipline’ (Haughey 2012, Para. 1). These knowledge areas include scope management, cost management, time management, risk management, integration management, procurement management, and communication management.

The definition phase involves the establishment of goals, specifications, tasks, and responsibilities in a given project. The goal of the Victorian Desalination Project was to enhance the augmentation of water supplies within Geelong and Melbourne areas and their surroundings. Thus, the project was to be implemented in a manner that would make sure that this goal was precisely achieved within time and resources constraint. From the paradigms of PMBOK, the definition phase encompasses the scope management.

Scope management houses components such as ‘scope initiation, scope planning, scope verification, scope definition, and scope change and control’ (Tolbert 2008, p.57). The announcement of the intention to construct an Australian largest desalination plant on 19 July 2007 marked the scope initiation phase for the Victorian Desalination Project. The specification for the project was stated as planning and erection of a desalination project with a volume of 150-billion litres and flexible to 200 billion litres (Kjorstad 2010, p.7). Another specification required the plant to have seven channel-linking areas for water supply to Melbourne and other regions in South Gipps land (Government Initiatives 2012, Para. 6).

Additionally, the plant had to have underground power supply, which spans a distance of 87 km. These specifications defined the scope-planning component of management as one of essential areas of PMBOK. These specifications ensured that the planning phase would include the execution of activities, thus guaranteeing the achievement of the stipulated specifications. This implies that defining the specifications of the Victorian Desalination Project facilitated the development of procedures for allocating time and monetary resources to the project.

The definition phase of a project also involves subdivision of all major deliverables of the project into small manageable deliverables or tasks. In case of Victorian Desalination Project, a list of these tasks is available from Government Initiatives (2012). For successful delivery of the desalination plant objectives, its construction involved tasks such as the elevation of 225 hectares of land to form a coastal park, with water surrounding it, mainly for public utilisation. Construction of ‘long tunnels for intake and outlet to protect the coast and beach –200-billion litre capacity coupled with 84-kilometre two-way water transfer pipeline–200-billion litre capacity’ (Government Initiatives 2012, Para.5) were also other major tasks that constituted the Victorian Desalination Project.

Before defining responsibilities, scope verification is an important aspect of scope management. It refers to the process of formalising the reception of the plan’s range (Tolbert 2008, p.57). With regard to the desalination plant, scope verification was realised through conducting assessments followed by appropriate consultations on the likely impacts of the desalination plant. The assessment studies for the desalination plant determined whether the project was feasible. Upon declaration of the project as feasible, it became possible to define and allocate responsibilities.

Defining responsibilities involves establishing various roles and functions of the various parties that are involved in project execution, control, and monitoring. In the case of the Victorian Desalination Project, the responsibility of the project manager was defined as leading together with management of various project teams. The project manager also engaged in responsibilities such as recruitment of staff and consultants, co-ordination of the groups that were taking part in the project work, maintaining project plans, monitoring the performance of the project, and provision of status reports among other tasks. A project manager achieves these responsibilities through the help of managers in different project work units (Turner & Müller 2005, p.222; Pinto &Trailer 2005, p.49)

The government of Australia was the major project sponsor. Its responsibilities were defined as availing resources for execution of the project, approval of budgets, leading the project board, and setting strategies for resolving issues beyond the mandates of the project board or project manager. The government also played the role of championing for the project and/or making major decisions regarding the manner of project execution.

The definition of responsibilities also involves setting suppliers and project team members’ responsibilities. The suppliers have noble mandates for ensuring that ‘mandatory supplier requirements are met, managing the production and approval of the supplier side budget, making effective use of supplier resources within the approved budget, tracking performance of consultants, and taking the appropriate actions’ (Pinheiro 2010, p.9). In addition to playing these responsibilities in the Victorian Desalination Project, the definition of suppliers’ responsibilities also included managing suppliers’ staff members who were taking part in the project, ensuring quality of the materials delivered, and engaging in constant communication with the project managers to ensure smooth and consistent supply of materials to avoid delays.

Project team members are involved directly in the implementation of a project. They ‘provide functional expertise in an administrative process; work with users to ensure the project meets business needs and document and analyse current and future processes’ (Zekic & Samarzija 2012, p.105). For the Victorian Desalination Project, members were also required to facilitate mapping together with the identification of information needs, conducting user training, providing a definition for necessities in interfacing, and reporting practices.

The planning phase of a project incorporates aspects such as budgeting, resource planning, risk analysis and mitigation, scheduling, and staffing. From the context of PMBOK, cost management engulfs all vital tasks that are paramount in facilitating the completion of projects within budgetary constraints (Haughey, 2012). Before the desalination project commenced, costs budgeting was done. It entailed assigning the general cost approximations to individual job performance (Tolbert 2008, p.58). The project was estimated to cost the government approximately 3.1 billion dollars. Desalination plant was budgeted to take 47 percent of the total cost of the project. Marine structures were budgeted to take 18 percent while power supply was to take 7 percent. The transfer pipeline budget was 28 percent of the total capital cost (Mitchell et al. 2008, p.15). However, resulting from the financial crisis in 2009, additional costs were encountered, thus prompting borrowing of extra funds.

Resources that had to be planned for included materials for construction, human resource (staffing), and equipment. Upon conducting resource planning, the tender was awarded to AquaSure. The company proved that it had the required human resource capacity, technology, and equipment for executing the project. Millar and Schneiders (2011) support this claim by reckoning that AquaSure had ‘high energy efficiency membranes, producing high quality desalinated water matching Melbourne’s world-class water, with a solution that provided certainty to the delivery of water by the end of 2011’ (Para.3). The proposal by the company revealed that it was ready to offer highly dependable services.

The Victorian Desalination Project’s evaluation of bids was conducted by the end of 2009. In the same time, awarding of the contract was done. In the case of sequencing of the project’s activities that Murch (2001) and Nicholas (2001) refer as scheduling, various parts of the desalination plant such as marine structures, power supply, and transfer pipeline were allocated different times for starting and completion. The operation of the project was scheduled for December 2011. This date was set following the scheduling of completion of the project between September 2010 and June 2011. However, the operation date of the project was never realised.

Projects encounter different types of risks, which may result in their failure. Consequently, the planning phase for projects requires development of strategies for risks management (PMI 2000). Risk planning entails identification and setting of strategies for responding to probable risks in a project (Alexander & Sheedy 2005; Kallman 2011). The main objective is to exploit the likelihood and cost of constructive proceedings besides reducing the chances and impacts of unfavourable actions on project goals (Mitchell 2008). In case of the desalination project, the government, the states and the contracted company agreed to assume various risks.

In the planning phase, the various risks that were likely to affect the project were identified. They included site risks, scope risks, designing, constructing, and commissioning risks, operational risks, industrial relations, law alteration risks, asset risks, and finance and sponsor risks among others. The state was to assume site risks, risks of key approval, natives’ claims, and land acquisition risks. AquaSure assumed environmental contamination and site conditions risks. Scope risks were planned to be taken up by the state. AquaSure planned to assume equally the threat of postponement of conclusion time together with the amplified building expenses accruing from other risks such as court rulings that prohibited the advancement of the scheme and law alterations. Lastly, AquaSure planned to take care of the risks of design and construction of various power supply and water systems.

The procurement department initiated the execution process by acquiring services and materials. The process of procurement required good management of the acquired material resources to ensure they were of the right quantity and quality. In the effort to ensure that the venture advanced as designed, the project administrator was required to prepare project development status statement. The government submitted and reviewed the reports. It was in charge of ensuring that the project delivered its deliverables on behalf of the public. Status reports were essential in ensuring the project delivered its set objectives as predetermined in the idea conception and planning stage.

In the execution of the project, change was inevitable. Bad weather and the impacts of economic crunch experienced in 2009 together with technical difficulties in the construction process made it necessary to make changes of the completion date of the project by extending it by one year. As part of change management, following the economic crunch on 2009, there were a myriad of change controls especially in matters of the project financing. These changes included procurement of various alternatives for funding to cater for the increased costs of resources for the project. These changes were incorporated to ensure that the quality of the final project remained as planned and specified in the project scope definition phase.

Monitoring and control of the Victorian Desalination Project was vital in ensuring the project remained on track never to slip from the path. Monitoring and control of the gathered data provided the means of forecasting the capacity of the project to comply precisely with the performance thresholds upon its completion as anticipated and developed in the planning phase. Forecasting also ensured that the project deliverables profiled the quality standards established for desalination plants. Through the project forecasts, the extents and thresholds to which the desalination project risks were mitigated so that they do not influence future performance of the project were determined.

Upon completion of a project, the project manager garners and releases the necessary documents detailing resources that have been consumed. These documents are then transferred to the project sponsors (Dessler 2004). In the case of the Victorian Desalination Project, managers sought administrative and legal acceptance of the project after having evidenced that the project delivered the objectives and goals that led to its creation.

When the project is accepted, the project manager releases the various staff members off their duties and responsibilities since the project does not exist anymore. Releasing staff people sets in the stage in which the project owner’s or sponsor’s staff that will be in charge of operating the project are trained on the project operations (Dessler 2004). For this project, AquaSure was the designer and the project executor. The company would also maintain and run the project operations for the next 27.7 years after are completion in December 2012. This implied that the organisation was to supply and train the human resource required in running the Victorian Desalination Project.

Before declaring that the Victorian Desalination Project was completed successfully, information on the extent to which all stakeholders were satisfied by the project, considering their claims, which translated into conflicts of interest in the planning phase, were provided. Such concerns also formed the basis of documentation of various lessons learnt from the project in a bid to ensure that other similar projects do not incur similar challenges in the future. Since the perceptions of the stakeholders on the project were satisfying and consistent with the performance and design requirements of the project, the project manager declared the Victorian Desalination Project complete, hence closing in December 2012.

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Mitchell, K., Wimbush, N., Harty, C., Lampe, G. & Sharpley, G. 2008, Environment Effects Statement: Victorian Desalination Project Report of the Inquiry to the minister for planning , Australian Institute of Publication, Australia.

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PMI 2000, A Guide to the Project Management Body of Knowledge , Project Management Institute Inc., White Plains.

Tolbert, L. 2008, ‘Nine Knowledge Areas’, Journal of Community Academy, vol. 2 no. 2, pp. 56-59.

Turner, J. & Müller, R. 2005, ‘The Project Manager’s Leadership Style as a Success Factor on Projects: A Literature Review’, Project Management Journal , vol. 7 no. 3, pp. 219-234.

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Project Management Life Cycle Essay

Show More There are several approaches to manage the complicated projects. A lot of people argue that project management and system development life cycle are the same but they are not. Project management life cycle includes four major areas, initiation, planning, execution and closeout. On the other hand, system development lifecycle includes requirement, design, construction and implementation. This paper is a literature reviews of two articles which have been previously selected. This first one, is talking about integration of the project management lifecycle (PMLC) and the systems development life cycle (SDLC) in accelerated project effort, by Thomas Flynn. The second article, is talking about project managing the system development life cycle (SDLC), …show more content… Also, the effect of accelerated completion scenario, The article defines accelerated projects as those where the timeline decrease by more than 25% of that deemed reasonable which known as “fast track.” He said “most basic of projects contain some form of accelerated expectations, we are really accelerating the already accelerated” and clarifies that his concerns are the issues to be resolved to reach successful integration of the PMLC and the SDLC under compressed schedules and aggressive deadlines… He also talked about inherent pressure and requirements. Once we find that the acceleration of the project is weak, we should be ready to face and dealt with the various types of inherent pressures and requirements. Although some projects are accelerated, still the achievement of the project is a must whether or not it accelerated. Therefore, planning is a huge part of project achievement. For example, …show more content… Like the first phase of project management is initiation, which maps logically with the requirements phase of SDLC as there are some measures required for initial project scope and schedule. Planning phase requires precision in estimating the size and complexity of the system, which is possible after definitive conclusion of activities inherent of design phase in SDLC. So, the planning logically maps to design. The next phase in project management is the execution, which holds all the activities up to and including system deployment , also we need to realize that the construction and implementation phases are very consecutive and hence the close out phase cannot be initiated without those construction and implementation phases. So, the execution phase of project management logically maps with the construction and implementation together. While the closeout phase stands alone out of the SDLC. Hence,we can also see some phases are overlapped. We agree that System Development Lifecycle (SDLC) and Project Management Lifecycle (PMLC) are counterparts that supplement one another and together they blend to frame an entire strategy for conveying high quality projects. Also, we disagree on the idea that Focusing on a steady plan of accelerated projects is unadvisable as resource wear-out is considerably higher

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Project Life cycle

Project management plays an important role in achieving a successful project as it manage the project according the schedule and budget. According to Schwalbe (201 1), project life cycle defined as a collection of project phases, development, implementation and close-out. There are five important steps in developing project life cycle namely defining project goal, planning project, executing project, closing project and lastly, evaluating the project (refer to Figure 1 in Appendix). Firstly, project manager define the project goal.

Project goal is the first step as it set the objectives and purposes of the project. The goal focus on provide business value to the organisation. The goal should give a clear focus and drives the other phases for the project team. Moreover, in this phase, project manager identify the business problem and define a solution regarding it. According to Westland (2006), business case includes a detailed description of the problem, the availability of alternatives solutions, analysis of business benefits, costs, risks and issues, a preferred solution and an implementation's summarized plan.

Then, a feasibility study is run to assess each alternative solution option and its benefits, also reasonable forecast cost, risks nd identified issues are discussed. After approval of previous task, term of references are created and established. It define the vision, objectives, scope, and deliverables of the project and identify any risks, issues, assumptions and constraints. Then the project team is decided. This task is important as a successful project rely on the project team.

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Project manager plays role by creates a detailed Job description and choose project team based on their skills and knowledge. From the project goal, a project can be determined its success based on given time, money and resources invested. After defining the project goal, project manager plan the project. Project planning is crucial as the performance throughout the project is based on it. First, a project plan is created based on work breakdown structure (WBS). In WBS, the resources are allocated, provide detailed project scheduled and sequence the activities and tasks.

After the project team has been decided, the team discuss the project based on things to do, how to make the project runs smoothly, cost assumption, type of resources need and time taken to complete the project. After that, deliverables, tasks resources, and time of completion of each tasks for each hase are defined. During planning phase, project team must agree upon the list of scope, schedule and budget. The team then create a resource plan to identify the labour, equipment, materials, software and hardware use in the project.

To achieve a successful project, financial plan is important as it need to be within the budget given and enables the project manager measures the forecast spend of the project. At this point, potential risks and actions need to be taken in risk plan to avoid any error and solve a problem later in the next phase. Furthermore, the project must meet user requirements to gain user acceptance. To inform the stakeholders progress of the project, team member need to decide communication in communication plan and for each of the team member to distribute information.

Lastly, a contract with suppliers is a need for having a clear idea of suppliers' role and delivery expectation. The third stage in developing project is to execute the project plan. During this stage, work out the project in accord to the gran ed t task and activities in earlier stage. According to Schwalbe (201 1), the output of project such as product or services are produced and presented to the customer for sign off and the xecution phase is typically the longest phase in the project as it consumes the most effort and most resources.

A good project is aimed at achieving the project aims and need, on time and within budget. Thus, aspects such as scope, schedule, budget and resources are properly handled throughout the phase. In the interim of plan execution, the project manager need to carry out a range of management processes such as identified the change management, risks management and issues management, assured the deliverable quality and measuring all the deliverable produced against the listed criteria (Westland, 2006). Subsequently, established the comparison of the product and baseline plan in earlier stage.

After that, document the information and handed the report to the project manager through the regular team meetings. With these steps finished, a phase review is undertaken where the reported information are analysed carefully by the project manager. This is a checkpoint to make sure the product and services has achieved the goals and customer need before proceeds to next stage. The fourth step in developing project is to close the project. This stage includes a formally documentation and implementation of a project close report. Before the project closure, project checking is carry out as an extra insured.

Westland (2006) stated that the, project close out is include ensuring all the project completion criteria have met and identified any outstanding project activities, task, risks or issues. Next, present the products to the sponsor and obtains formally acknowledge of acceptance on the delivered product or services. Finally, the project checking is completed. Based on the report, the project manager need to create the project closure report which consist of specifically document on all undertaken activities and delivered to the clients for approval Schwalbe, 2011).

Once, the activities stated in the report are approved, the granted activities are execute. The project closure report is ended only when all the propose activities are fully implemented. Finally, the project closure stage ended when the project manager hand over the project documentation to the business, cancelling all suppliers' contracts, releasing staff, equipment and resources, and lastly inform the closure of the project to all stakeholders and interested parties.

In the final stage, the project is evaluated. After the project has been close, post-mortem is conducted to evaluate the overall project. The projects are evaluated in two categories: project team evaluation and project evaluation. The project team evaluation is performed by passing a team and peer evaluation form to the team member and each of them are required to Judge the other team member. The rate are based on the overall attitude and contribution of the member in the project.

The evaluation result will be used as a revised is used as a revised of payroll. On the contrary, Schwalbe (2011) stated that the project is evaluated based on how well the product or services performed against the stated objectives and conformed to the management processes outlined in the lanning phase. Lastly, Novartis Foundation for Sustainable Development (2005) suggested that a review of on the project should be conduct to reflect the mistake and identify impact and lessons learnt for future projects.

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Project Management Cycle from Initiation to Ending

There is no single approach to project management (Ahimbisibwe, Cavana, & Daellenbach, 2015), but a relatively constant model of a project management cycle has been referred to by multiple authors. In particular, the stages of “initiating, planning, execution, and closing” can be singled out as stable and distinct but interrelated and interactive parts of the cycle; apart from that, the iterative stage of “monitoring and controlling processes” is to be embedded within the four elements and should be in action throughout the project management cycle (Project Management Institute, 2013, p. 19; Project Management Videos, 2011).

The life cycle of a project is similar, and it involves the starting, preparing and organizing, implementing, and closing stages (Project Management Institute, 2013, p. 16). As for the lifecycle of a system, different approaches can be suggested, but the concept development can be regarded as the initial stage that is to be followed by product development, production, implementation, and retirement, which is to be carried out if the product becomes completely impossible to update. As a result, this model is iterative since it presupposes the retirement only for the products that cannot be returned to the previous stages (Walden, Roedler, Forsberg, Hamelin, & Shortell, 2015).

Therefore, the life cycles of project, system, and project management are similar in following the stages of initiation, development, and ending. Also, the presented models are similar in being general and not claiming to be the single correct design of a life cycle. Their differences include distinct stages and relationships between them that appear to be related to the specifics of the model’s object (for instance, the iterative stage of project management). However, a different approach to a similar model might generate other stages and relationships. Finally, the cycles are likely to meet at a particular moment of project development, but they do not have to coincide: for instance, the concept development of a product might not correspond to the initiation of the project.

​Ahimbisibwe, A., Cavana, R., & Daellenbach, U. (2015). A contingency fit model of critical success factors for software development projects . Journal Of Enterprise Information Management , 28 (1), 7-33. Web.

​Project Management Institute. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (5th ed.). Newtown Square, PA: Project Management Institute.

​Project Management Videos. (2011). The typical phases in project management . Web.

​Walden, D., Roedler, G., Forsberg, K., Hamelin, R., & Shortell, T. (2015). Systems engineering handbook . Hoboken, NJ: John Wiley & Sons.

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