The project management life cycle describes high-level processes for delivering a successful project. The primary competency of a project manager is to gain a thorough understanding of project management stages.

Project Management lifecycle refers to the handling of a project or projects as they progress through the typical stages of the project lifecycle ie. 1) initiation; 2) planning; 3) execution 4) closure. Each of these project phases represents a group of interrelated processes that must take place. The concept of project management lifecycle helps inform Project Business decision-making, from proposals and pricing to execution and project governance to closure and hand-over.

Phases of the project management life cycle are as follows:

1. Initiating: It is the first Project Management life cycle phase, where the project starts. It provides an overview of the project, along with the strategies required to attain desired results. It is the phase where the feasibility and business value of the project are determined.

This is where the stakeholders (the people or business unit who will fund the project), the goals, objectives and deliverables are identified and the resources and the money needed to do the project are determined at a high level. A high level determination is made whether the project is “feasible or not” based on these. Once the project is approved, one or more project initiation meetings are held to finalize the project. This is where the project initiation phase ends.

2) Planning: The Project Planning phase is most critical and requires complete diligence as it lays out the project’s roadmap. It involves defining the work to be done and figuring out how to accomplish it. A lot of planning related to the project takes place during this phase.

The project manager begins setting goals with a project plan. A well-crafted project plan outlines a detailed project schedule, communication plan to give direction to the team for producing quality output and handling risks. During the planning stage, the Project Manager defines the scope of the project and project management plan that involves the cost, quality, resources and project timeline. The scope is defined by the project manager with a scope statement and Work Breakdown Structure (WBS).

3) Execution: Project execution is the phase where project-related processes are implemented, tasks are assigned, and resources are allocated.

This is the stage where planning is turned into action. The project team is built. Specific people and other resources are assigned to the tasks identified in the project plan. The project work is carried out in the required sequence in order to complete all of the work in the most efficient manner possible. The key outcome of the Execution phase are the various deliverables that are produced in line with the defined project plan. The project manager organizes the team members, establishes workflow and constantly monitors progress, ensuring that work is done as per plan, while maintaining effective collaboration between the project team and various stakeholders.

4) Closure: It is the final phase of the project management life cycle, which indicates the end of the project and the final delivery of the project deliverables.

In this phase the final product is ready for delivery. The main focus of the project manager and the team should be on product release and product delivery. In this stage, all the activities related to the project are wrapped up. The closure phase is not necessarily after a successful completion phase alone. Sometimes a project may have to be closed due to project failure and many other reasons.