The project life cycle is an essential component of the overall business cycle and is a continuous sequence of phases which projects must go through to complete the project successfully. Each phase of the project life cycle has a specific purpose and a specific set of deliverables that must be completed before the project can move on to the next phase. The official business definition of the Phases of Project Life Cycle is as follows: Initiation – The initiation phase involves identifying and documenting the project’s scope, objectives, deliverables, timeline, budget, and stakeholders. Planning – The planning phase involves developing a detailed plan to guide the project team through the completion of the project. This plan should include a timeline, budget, risk management plan, and communication plan. Execution – The execution phase is where the actual work of the project is done. This includes tasks such as designing the product, developing the product and testing.