Project management lifecycle is a structured, organized method of managing projects. It is a process that involves the planning, organization, implementation, and control of activities and resources in order to successfully complete a project. In essence, it is a set of steps or stages that must be completed in order to achieve the desired outcomes. The stages of the project management lifecycle can vary depending on the type of project, but typically include initiation, planning, execution, monitoring and control, and closure. During the initiation stage, the scope and objectives of the project are established and the project team is identified. The planning stage involves creating a project plan, which includes tasks, schedules, resources, and budget required to complete the project. During the execution stage, the project team executes the tasks according to the project plan.