Project vs. Product Life Cycle

The project life cycle refers to the series of phases a project undergoes from initiation to completion. This structured approach to project management ensures efficiency and effectiveness. There are three primary variations of the project life cycle: traditional, agile, and hybrid. The choice among these approaches depends on factors such as project complexity, stakeholder needs, organizational culture, and the level of uncertainty involved.

The product life cycle consists of four stages: introduction, growth, maturity, and decline. During the introduction stage, awareness is built, and sales are initially low. The growth stage sees a rapid increase in sales as the product gains acceptance. In the maturity stage, sales growth slows as the market becomes saturated. Finally, in the decline stage, sales diminish, and the product is gradually phased out.