It was proposed that like living creatures, products have a life cycle (Vernon, 1966) as illustrated in Figure 1 in the Appendix, and the idea has been widely accepted. In literature, based on this proposition, life cycle stages were studied from different perspectives (Thorelli & Burnett, 1981; Gmeling & Seuring, 2014). Some of the studies concentrated on analyzing and modeling product development processes (Sanders 2013, Peng et al., 2014; Cui et al., 2014, Nagashima et al., 2015). Relating product and project in terms of work breakdown structure was studied for complex system projects (Sharon & Dori, 2014). Adapting projects according to the product’s life cycle stage was proposed with New Product Project and Product Uplift Project concepts (Altunel, 2014).