The official business definition of IT Project Management Phases is a set of distinct steps that are taken in order to successfully complete a project. These phases are typically divided into four distinct parts: initiation, planning, execution, and closure. During the initiation phase, the project scope and objectives are established, stakeholders are identified, and the project team is formed. The planning phase is where the project plan is developed, resources are allocated, and a timeline is created. The execution phase is where the project is actually implemented, and the team works to complete the tasks outlined in the project plan. Finally, the closure phase is where the project is evaluated, any remaining tasks are completed, and the project is officially closed. Each of these phases is important for the successful completion of the project, and must be managed effectively in order to ensure the project is completed on time and within budget.