Product life cycle

Each project creates or modifies a product, and as a result, the project life cycle becomes a subset of the product life cycle. When working on the project, it’s helpful to have the wider context in mind; for example, maybe you can spend €50k more on the project and add a feature that reduces operation costs by €2k per month. Is that a good idea?

Decisions related to the wider context cannot be answered within the boundaries of the project because they require a holistic view and access to information that may only be available to the highest levels of the (customer) organization. The project management system still has to identify potential ideas that may work in the wider context and report them to the higher levels for them to decide.