A matrix organization is a company structure where teams report to multiple leaders.

The
matrix design keeps open communication between teams and can help companies create
more innovative products and services. Using this structure prevents teams from needing to
realign every time a new project begins.

A functional organizational structure is a common type of

business structure that organizes a company into different
departments based on areas of expertise, grouping employees
by specialty, skill or related roles.
Here, organizations encourage employees to share their lessons learned. At
the same time, they allow others to learn and benefit from a shared corporate
knowledge base.

Project managers are in charge, and they have complete authority over
resources. All team members report to them.

Projectized organizations have no functional manager; if they do, their role will
be minimal. Moreover, they won’t have any authority. The projectized structure
is the opposite of the functional structure.

In projectized organizations, resources are utilized for the project work. These
organizations are only interested in external project work. Usually, they have a
few small, functional departments that support activities. Examples include
admin, accounting, human resources, etc.

A projectized organization has to be dynamic for its survival. They always have
to compete with other organizations to win bids. They will lose the contract if
their quote is high or technically inferior.

Project Life Cycle is the entire cycle that enraptures a project. It means the different
phases that take place within a project. There are typically five different processes
that take place in a project, namely:

 Initiation

 Planning

 Executing

 Monitoring and Control

 Closing
Project Life Cycle Vs Product Life Cycle
By Chandana
Last updated on Dec 21, 202013056

Table of Contents
Project Life Cycle
Product Life Cycle
Two major concepts in project management are Project Life Cycle and Product Life
Cycle. These two concepts are must study for professionals looking forward towards
attaining a Introduction to CAPM program.  Let’s have a look at the same in this post.

Project Life Cycle

Project Life Cycle is the entire cycle that enraptures a project. It means the different
phases that take place within a project. There are typically five different processes
that take place in a project, namely:

 Initiation

 Planning

 Executing

 Monitoring and Control

 Closing

Initiation, planning, executing, monitoring, and controlling, and closing is also the five
basic processes of project management. Every project has these five phases in
existence. Initiation, planning, executing, and closing takes place once throughout
the process; however, monitoring and control need to be done even after closing of
the project towards smooth and fluent project delivery. Also, monitoring and control
is a part of every process at different levels.
Product Life Cycle

Product Life Cycle defines the different stages that enrapture the growth of a
product. A product typically goes through the below-mentioned stages.

 Market Introduction

 Market Growth

 Market Maturity

 Decline and Saturation Stage