Relationship Between Project Life Cycle and Product System Life Cycle Essay

Relationship Between Project Life Cycle and Product System Life Cycle - Essay Example Due to the uniqueness of each industry, the demarcation of the phases may vary accordingly and sometime the divisions between the phases may often overlap. A product maybe defined as an entity offered in the form of goods or services. A product life cycle evolves through different phases similar to a project. The spiral model best describes the product life cycle, which is the most generic model of all. Special product life cycles are considered to be derivatives of this basic model. The key feature of the spiral model is in its risk management. It focuses on low risk strategies, early detection of errors and design flaws and the closely aligns itself with the evolution and growth cycle of the product. A product life cycle is often triggered by a need or opportunity, which leads to the conception, manufacturing, production and deployment of a tangible or intangible asset. This is then supported or maintained, upgraded as required and retired when obsolete. Although on the surface, a project life cycle and a product life cycle seem similar, in reality each phase of the product life cycle is a project by itself. Each phase of the product derives its input from the end result of the executed project.