International Project Management Association (IPMA) Practice Exam

What term is used to describe the series of steps that ensure proper definition of the product-of-the-project?

1. Project execution cycle

2. Project funding cycle

3. Project implementation cycle

4. Project life-cycle

The correct answer is: Project life-cycle

The term that describes the series of steps ensuring proper definition of the product-of-the-project is the project life-cycle. This concept encapsulates all phases of a project from initiation, through planning and execution, to closure. It outlines the key stages involved in a project, guiding project managers and teams in managing and controlling the various elements necessary for successful completion. The project life-cycle serves as a framework that integrates the necessary activities and processes required to achieve the project objectives and deliverables effectively. In contrast, the other terms refer to different aspects of project management. The project execution cycle typically focuses on how project tasks are carried out once defined but does not fully encompass all phases including definition and closure. The project funding cycle deals specifically with the financial aspects and how funds are requested, allocated, and managed, which is just one component of the broader life-cycle. The project implementation cycle is primarily oriented around the execution phase and does not include initiation or closure processes. Thus, the project life-cycle is the most comprehensive term for the series of steps involved in defining a project's product.