Question No. 1

Importance of Project Management Lifecycle

The importance of four steps of project management lifecycle are discussed following.

Initiation

This is the start of the project, the decision to accept or reject it. This phase is very important because half of the success of the project depends upon its project manager. If the project manager is not hired correctly then the whole project can go in vain. Moreover, the clear goal of the project is identified and its solutions are discussed along with milestones. The milestones help to ensure whether the project is on the right path or not.

Planning

In the planning phase, the whole plan of the project is laid out. Tasks will be assigned to individuals according to their skillset. Moreover, the profitability, cost, budget and every little aspect of the project is also determined. Who is responsible for what, management structure, and who will report to whom is also clearly identified. This phase is very important because right assigning of the tasks can make the project successful. Moreover, defining the boundaries of the people can help in terms of interference of people at crucial stages.

Execution

The execution phase is the longest phase among the four phases of the project lifecycle. This is the phase when the plan is implemented. This phase is very important as while the project is in progress, it is being monitored by the project manager and if anything comes up that is not planned or any unforeseen issue arises, then it can be dealt right on the spot. Moreover, when the project is heading towards completion, the concerned parties are also informed. (Beach, 2017)

Corwin Corporation Harvard Case Solution & Analysis

Controlling

In the control phase, the project managers compare the actual performance of the project with the proposed performance. It involves monitoring the project after its execution, it determines the comparison of the actual project results with the planned budgeted objectives.

If the project is not that successful, then the managers try to find the reason behind it. It is important in terms of new projects, if any mistakes have occurred in this project, then the team can learn from it. (projectinsight, 2018)

Question No. 2

Corwin Corporation’s approach is analyzed for the four stages of the project lifecycle.

Initiation

The first thing that the company did not do right was the selection of the project, which was way out of their scope. Secondly, the project manager selected was also not experienced, which lead to the failure of the project.

Planning

A number of things went wrong in the planning phase as well. The risks were not analyzed by the project manager clearly. The project was initiated even before the contract was signed. Moreover, the company accepted a fixed price 5 year contract that lead to additional costs for the company. Lastly, a management policy was completely ignored while the planning of the project. All these factors combined, led to the failure of the project.

Execution

A number of things went wrong in the execution phase as well. First of all, the boundaries of the individuals were not made clear at the start of the project, which lead to interference of the in-house representative of Peters Company and that worsened things for the project......................

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