Project Life Cycle Selection for New Payment System

Founded in 2011, the Wealth Easy was one of the fastest online wealth management companies focused on making an investment and saving easier for everyone. After detail options analysis, the executive board approved the strategic program to move to the new payment processing system. The payment processing system is the backbone of the organization, and it is critical for their earnings to process transaction promptly.

You are part of the project leadership team responsible for the planning and execution of this strategic program. Your first assignment to propose the life cycle to the executive board, you have a choice to use any approach (predictive, iterative, incremental, agile, and hybrid)

Agile practice guide refers to the following four types of project life cycles:

Predictive life cycle: A more traditional approach, with the bulk of planning occurring upfront, then executing in a single pass; a sequential process. This approach takes advantage of things that are known and proven. The plan drives the work. Value is only delivered at the end.

Iterative life cycle: An approach that allows feedback for unfinished work to improve and modify future outcomes. Prototypes and proofs are planned, and the outputs are intended to modify the plans at the beginning. When complexity is high or when there are frequent changes or scope is unknown.

Incremental life cycle: An approach that provides finished deliverables in steps that the customer may use immediately. Here we plan to deliver successive subsets of the overall project. The team may deviate from the original vision. It uncovers hidden or misunderstood requirements.

Agile life cycle: An approach that is both iterative and incremental to refine work items and deliver frequently. Here we plan and re-pan as more information becomes available.

Key highlights:

• The total budget allocated to the project is $8M
• The project is the highest priority in the organization
• Two development teams (nine members each) are dedicated for this initiative
• Development team estimated six months of development time
• Significant coordination is required with all ten partners. This includes briefing partners on the overall execution plan, get their commitment, provide training to required staff, manage and provide stabilization support
• Company financial year ends on March 31, all transactions after this day must happen on the new system

• Requirements:

• Assess and present the pros and cons of each life cycle approach.