The official business definition of IT project phases is a set of distinct stages that are used to plan, execute, and close out a project. These phases are typically divided into four main categories: initiation, planning, execution, and closure. The initiation phase is the first step in the project and involves the gathering of information, setting of objectives, and the selection of the project team. The planning phase involves the development of a project plan, which outlines the scope, timeline, budget, and other details of the project. The execution phase is the actual implementation of the project plan, and includes the development of the project’s deliverables. Finally, the closure phase involves the evaluation of the project’s success and the archiving of project documents. Each of these phases is critical to the successful completion of the project, and must be carefully managed in order to ensure that the project is completed on time and within budget.