A project life cycle is essential for any business to ensure that its projects run smoothly, efficiently and on budget. It refers to the sequence of steps used to plan, execute, evaluate and close out a project. This cyclical process typically begins with the initiation of the project, which involves defining the goal, scope and timeline. The next stage is planning, where team members need to define tasks, assign resources and create a project schedule. Execution follows, where team members actively work on the agreed-upon tasks while being monitored by project managers. After the completion of tasks and activities, the project enters into an evaluation phase. Finally, during closure, a review of the project’s performance is conducted and lessons learned are documented so that future projects can benefit from them. Following this life cycle allows businesses to streamline their processes and deliver successful projects.