Understanding the Project Life Cycle:
The project life cycle consists of initiation, planning, execution, and closure.
Early stages involve planning and defining scope, while later stages focus on execution and completion.
Why Change Costs Increase Over Time:
In early stages, changes are relatively inexpensive as they mainly involve planning adjustments.
As the project progresses, modifications require rework, additional resources, and schedule delays, increasing costs.
Near project completion, changes can be very costly, requiring significant time and effort to correct.
Why Other Options Are Incorrect:
A. Risk and uncertainty increase over time – Incorrect; risk and uncertainty decrease as the project moves forward and becomes more defined.
B. Costs and staffing levels are high at project close – Incorrect; they are usually highest during execution, not closure.
D. Project life cycle = product life cycle – Incorrect; they are separate concepts. A product may exist long after the project ends.
IIA GTAG 12 – Auditing IT Projects: Discusses project life cycle and cost implications.
IIA Practice Guide on Project Risk Management: Highlights cost escalation risks in later project phases.
PMBOK (Project Management Body of Knowledge) Framework: Defines cost increase trends in project management.
Relevant IIA References:✅ Final Answer: Costs related to making changes increase as the project approaches completion (Option C).
