The project life cycle refers to the series of phases that a project goes through from its initiation to its completion. It provides a framework for managing and controlling the project, ensuring that it progresses in a systematic and organized manner.
The project life cycle typically consists of the following phases:
1. Initiation: This is the first phase of the project life cycle, where the project is defined and its objectives, scope, and feasibility are determined. It involves identifying the stakeholders, conducting a feasibility study, and developing a project charter.
2. Planning: In this phase, the project plan is developed, outlining the activities, resources, and timelines required to achieve the project objectives. It involves creating a work breakdown structure, defining project milestones, and estimating costs and resources.
3. Execution: This is the phase where the actual work of the project is performed. It involves coordinating and managing the resources, executing the project plan, and monitoring progress against the project schedule.
4. Monitoring and Control: In this phase, the project progress is monitored and controlled to ensure that it stays on track. It involves tracking project performance, managing changes, and resolving issues and risks that may arise during the project execution.
5. Closure: This is the final phase of the project life cycle, where the project is formally completed and closed. It involves conducting a project review, documenting lessons learned, and transitioning the project deliverables to the stakeholders.
Reference: Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Project Management Institute.