What Is Project Lifecycle?

Project Lifecycle

The Project Lifecycle outlines the steps a project goes through from beginning to end. This lifecycle can differ in the number of phases and their order, depending on the organization and the specific project. However, all projects share common characteristics: they have a clear start and finish, and they operate within time constraints. The lifecycle lays out the essential actions required for the project, regardless of the particular tasks involved.

Main Stages of the Project Lifecycle

  • Project initiation: This marks the beginning of the project. It can include several smaller tasks such as conducting a feasibility study, defining the project scope and deliverables, identifying stakeholders, building a business case, drafting a statement of work, and estimating initial costs, pricing, and timelines.
  • Project planning: Following approval in the initiation stage, the project moves into planning. This stage involves devising a detailed project plan, which covers the activities, timeline, resources, and limitations of the project. Budgeting is also an important part of this phase, alongside identifying potential risks and developing strategies to mitigate them.
  • Project execution: During this phase, the project team carries out the work. Task owners start their assignments while the project manager ensures that tasks are completed as scheduled and that the workflow remains smooth. Monitoring and controlling the project's progress and finances are crucial at this stage, as unexpected issues may arise that require prompt adjustment.
  • Project closure: After completing all tasks and receiving the project owner's approval on the deliverables, the project is officially closed. Any relevant documentation is transferred to the project owner or, if necessary, a maintenance team. A final analysis is conducted to evaluate the project's performance, assessing if it met its objectives (completion of tasks on time and within budget).

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