Project Life Cycle?

There are many different types of projects, but interestingly, they all have one thing in common. They all go through the same cycle, known as the project life cycle, or project management life cycle.

What Is the Project Life Cycle?

The project life cycle is made up of five project stages: project initiation, project planning, project execution, monitoring & control and project closing. Each of these phases is necessary for the effective delivery of the project.

If you’re managing projects, you’ll need the right tools to make the process more effective and efficient. ProjectManager is online project management software that helps you control your project from initiation through closure. Choose between Gantt charts, kanban boards, project dashboards and more project management tools to plan, schedule and track your projects.

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PROJECT MANAGEMENT 101

What Is the Project Life Cycle?

by Jennifer Bridges | Jan 26, 2023

There are many different types of projects, but interestingly, they all have one thing in common. They all go through the same cycle, known as the project life cycle, or project management life cycle.

What Is the Project Life Cycle?

The project life cycle is made up of five project stages: project initiation, project planning, project execution, monitoring & control and project closing. Each of these phases is necessary for the effective delivery of the project.

If you’re managing projects, you’ll need the right tools to make the process more effective and efficient. ProjectManager is online project management software that helps you control your project from initiation through closure. Choose between Gantt charts, kanban boards, project dashboards and more project management tools to plan, schedule and track your projects.

ProjectManager’s dashboards let you keep track of your project life cycle.

The 5 Project Life Cycle Phases

Here’s a general description of the phases that make up the project life cycle and what can you do in each for successful project delivery. For example, you’ll need to produce important project documentation at each step in the process.

1. Project Initiation Phase

This is the start of the project for the project manager, who is responsible for defining the project at a high level. This usually begins with a business case, feasibility study, cost-benefit analysis and other types of research to determine whether the project is feasible and should or shouldn’t be undertaken. Stakeholders provide input. If the project is approved, then a project charter is created, which provides an overview of the project and sets up the stage for your project plan.

2. Project Planning Phase

This is where the project plan is created, and all involved in the project will follow it. This phase begins by setting SMART (specific, measurable, attainable, realistic, timely) goals. The scope of the project is defined and a project management plan is created, identifying cost, quality, resources and a timetable. Some of the features of this phase include a scope statement, setting of milestones, communication, risk management plans and a work breakdown structure.

ProjectManager's free work breakdown structure

3. Project Executing Phase

Now begins the part of the project that most people think of as the project: executing the tasks, deliverables and milestones defined in the project scope. Some tasks that make up this phase include developing the team and assigning resources using key performance indicators, executing the project plan, procurement management and tracking and monitoring progress. If needed, you can set status meetings and revise the schedule and plan.

4. Project Monitoring and Controlling Phase

The project monitoring and controlling phase consists of setting up controls and key performance metrics to measure the effectiveness of the project execution. The monitoring and controlling project phase is very important to make sure the execution goes as planned in terms of schedule, scope and budget baselines.

5. Project Closing Phase

It’s not over until the project closure phase it’s over. Completing the deliverables to the satisfaction of your stakeholders is key, of course, but the project manager must now disassemble the apparatus created to fulfill the project. That means closing out work with contractors, making sure everyone has been paid and ensuring that all project documents are signed off on and archived to help with planning future projects. Once this has been done, the project manager often has a post-mortem with the project team to highlight what worked and what didn’t work, so that successes can be repeated and mistakes avoided.