Difference between Project and Product Life Cycle

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:
  1. Initiation
  2. Planning
  3. Executing
  4. Monitoring and Control
  5. Closing
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.
  1. Market Introduction
  2. Market Growth
  3. Market Maturity
  4. 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.


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