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Differences between Product Lifecycle and Project Lifecycle?
A product lifecycle is the life of a product from conception through to retirement. This means that a product lifecycle continues after the project has been closed, since it includes using the end product or deliverable in its operational life. During the operational life of the project end-product, benefits will be realized. Ultimately there will come a time when the product has completed its useful life and will either be retired or upgraded in some way.
The definition of a product lifecycle is a collection of sequential, non overlapping product phases whose name and number are driven by the manufacturing and control needs of the organization.
Most life cycles have a sequential relationship in that one phase ends before another phase begins, but some phases can overlap. An example here is that some building can start even though detailed design is yet complete.
Overlapping project phases can compress the overall project duration and this is often called “fast-tracking
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