Characteristics of project management lifecycle are as follows:

• Project Management lifecycle defines the beginning and end of the project.
• In the beginning, cost and staffing levels are low and reach a peak when the work is in progress. It again starts to drop rapidly as the project begins to halt.
• Risk and uncertainty are at their peak at the beginning of the project. These factors drop over the life cycle of the project as decisions are reached, and deliverables are accepted.
• The ability to affect the final product of the project without impacting the cost drastically is highest at the start of the project and decreases as the project advances towards completion.
• Probability of project success is low at the start of the project and gets progressively higher as the project continues.
• Project Management lifecycle helps professional services teams to be more proficient and profitable.