The Project Life Cycle (PLC) is an essential concept for businesses to understand and utilize. It is a process that helps organizations plan, manage, and successfully execute projects from start to finish. The PLC consists of five distinct phases: initiating, planning, executing, monitoring and controlling, and closing.
The initiating phase is the first step in the PLC and involves assigning resources, assembling a project team, creating a project charter and obtaining formal approval to proceed. During the planning phase, the project objectives and project scope are established and the project plan is developed. This phase also typically includes budgeting and timeline projections.
In the executing phase, the project team begins the work identified in the project plan. This phase also involves regularly monitoring and controlling progress and making adjustments as needed. The monitoring and controlling phase is the fourth phase of the PLC.