The life cycle of a project is the sequence of phases that a project goes through from its inception to its completion. The lifecycle of a project can be divided into four main phases: initiating, planning, executing and closing. Each phase has its own activities and deliverables that apply to almost all types of projects.
Initiation
The inception phase is where the project is defined in terms of scope and objectives. During this phase, the need for the project is identified and feasibility is assessed. This usually involves developing a business case, which includes a cost-benefit analysis, and defining a project charter, which defines the purpose and requirements of the project. Initiation usually ends with project approval and project team selection.
Planning
The planning phase involves creating a detailed project plan that serves as a roadmap for executing and controlling the project. This includes identifying all tasks and activities required to complete the project, estimating required resources, defining a project schedule, and identifying potential risks and mitigation strategies. The project plan also includes a communication plan to ensure all stakeholders are informed of project progress.
Execution
The execution phase is where the project work is performed to produce the project deliverables. During this phase, resources are allocated, tasks are assigned, work is performed, and progress is monitored and controlled. This usually involves change management, quality control and risk management. The execution phase ends when all project deliverables have been completed and accepted.
Closing
The closing phase involves completing all project activities, documenting results and lessons learned, releasing resources, and evaluating project performance. This may include a post-project review to assess project success and identify areas of improvement for future projects.
In summary, the lifecycle of a project provides a framework for effective project management, ensuring that all required activities are performed in a logical sequence and that all deliverables are produced as expected.
