Project Planning and development Lifecycle is one of the most critical and sensitive aspects of organization that can have direct impact on productivity, efficiency and reputation of the organizations. Therefore, in order to complete the project development in an effective and optimized manner, it is important that special focus is made on issues and factors that lead to failed or over-expensed projects. Therefore, one of the most common concerns of project managers is regarding the factors leading to project failures, costs higher that allocated, and wastage of resources. Considering the importance of Project Planning and development lifecycle, respective paper will describe that Often projects fail due to incapability of not planning and estimating the project requirements, specifications and costs in an effective and efficient manner that could lead to successful scheduling of the project.
In order to overcome these issues and deficiencies, project managers must understand the important of planning that includes detailed requirement analysis, feasibility analysis and identification of specification before initiating the project. Careful planning leads to successful, cost efficient and optimized accomplishment of the projects on time. Moreover, in order to accomplish the project successfully, it must be understood that “Deficient requirements are the single biggest cause of software project failure” . Therefore, special concentration must be paid on proper planning and scheduling.
This serves for the process control that “addresses the team's capability to execute according to plan” . During the planning process, three factors must be considered significantly that include: knowledge, resource and the specifications of projects . When planning, two of the most important factors are available time duration and the allocated cost.    If these factors are not considered specifically, the project is likely to be unexpectedly expensive and may not be completed on designated deadline.  .
In order to utilize the time properly and save cost efficiently, the project manager must spend “time negotiating project scope and identifying and removing team impediments” . Therefore, the project managers must focus on achieving project objectives “while simultaneously reducing development costs and cycle time” . This is essential to keep the invested cost of project in control while managing the risk analysis and preparing for an on-time delivery of the project.
The researches and observations have shown that special emphasis has to be paid on the planning and estimation phases prior to formally and practically initiating the project. Without proper planning that incudes requirements analysis, risk analysis, feasibility analysis, etc., the project is more likely to collapse. Therefore, respective literature view will evaluate and describe these influential factors in two parts. First, the factors...