Project Life Cycle
Project Life Cycle is the entire cycle that enraptures a project. It means the different phases that take place within a project.
There are typically five different processes that take place in a project,namely:
- Monitoring and Control
Product Life Cycle
Product Life Cycle defines the different stages that enrapture the growth of a product. A product typically goes through the below mentioned stages.
- Market Introduction
- Market Growth
- Market Maturity
- Decline and Saturation Stage
Every product moves through a life cycle right from project initiation stage through developing a product till it reaches the end of the life cycle. Every product in different stages of product life cycle goes through each phases of project life cycle.