As per definition mentioned earlier, Project is the one which is executed to create a unique product or services and Product is the outcome of a Project.
The product life cycle starts with the business plan, through idea, to product, ongoing operations and product divestment.
The project life cycle goes through a series of phases to create the product. It generally defines the task to be accomplished in each phase or sub-phase and the team responsible for each phase defined. In some application areas, such as new product development or software development (as in our example of banking application software development), organizations consider the project life cycle as part of the product life cycle.
Characteristics of a project life cycle:
* Risk and uncertainty is highest at the beginning phases and reduces thereafter as the project continues.
* The ability of the stakeholders to influence the final characteristics of the project’s product and the final cost of the project is highest at the start and gets progressively lower as the project continues.
* Cost of correcting an error increases as the project goes along.