What is a program vs project life cycle?
A project life cycle refers to the sequential phases a project goes through from initiation to completion, typically comprising initiation, planning, execution, monitoring & controlling, and closing. Each project has a defined start and end and aims to deliver a specific output or outcome with given resources.
On the other hand, a program life cycle oversees a group of related projects. It includes the phases of program formulation (defining and aligning program components with business objectives), organization (structuring the program and allocating resources), deployment (execution and coordination of program components), appraisal (monitoring, controlling, and reporting), and dissolution (winding down the program, including closing of individual projects and capturing lessons learned).
Program life cycle management focuses more on benefits realization and stakeholder management than the project life cycle, reflecting its broader, strategic objectives.
