Life Cycles in an EPM System
EPM system are typically used to run several complex projects simultaneously in large scale organizations. In other words, it is the process of implementing strategies and procedures to increase the efficacy of project management on a company wide scale.
The most used phase model within EPM consists of six phases which are Initiation, Definition, Design, Development, Implementation and Closure/ Follow-up. During the initiation phase, the proposals for the project are made and reviewed by all the involved parties. Scope, feasibility and budget of the project are discussed during this phase. After approval from all involved parties, the project officially starts.
During the definition phase, functional and operative requirements are discussed and presented for approval. After they are defined and finalized no further modifications can be made to the requirements. The project then moves to the design phase which includes planning, communication techniques and risk assessment of the project. During this phase resources are allocated, and timelines are developed.
The developers work on creating the solution according to the requirements already defined in the development phase. Team managers play a crucial role during this phase as they assign tasks to various resources and extract output from them. Afterwards, the project moves to the implementation phase in which the results of the project are visible and evaluated based on the pre-defined requirements. In Closure/ Follow-up stage final reports are generated, Additionally, training is provided to users and user guides or instructions on using the solution are developed.
Breaking down each project into smaller life-cycle phases is an important part of EPM. Having them divided in phases helps in leading the project in the best possible direction and making them easier to monitor. However, since each phase has gate review meetings, having more phases significantly increases the time that a project manager must spend in assembling project documents and attending/ organizing meetings to review them. Also, each phase has a cost associated with it — so fewer life cycle phases are preferred. Having less than six life cycle phases also ensures that any failed life cycle phase can be efficiently re-executed if it fails.
References
Hornby, R. (2000). Building effective enterprise project management (EPM) Paper presented at Project Management Institute Annual Seminars & Symposium, Houston, TX. Newtown Square, PA: Project Management Institute.
Archibald, R. D., Filippo, I. D., Filippo, D. D. (2012, December). The Six-Phase Comprehensive Project Life Cycle Model Including the Project Incubation/Feasibility Phase and the Post-Project Evaluation Phase. PM World Journal, Vol. I, Issue V.