The Phases of Project Management Life Cycle refer to the official business definition of the steps that are necessary to complete a particular project. This includes the planning, initiation, execution, monitoring, controlling and closing of a project. The planning phase of the life cycle is the most important as it involves making sure that all the resources and materials are in place as well as getting all the stakeholders on board with the project. During the initiation phase, objectives and goals are identified, the scope is determined, and the project team is formed. The execution phase is when the project is actually put into action. During this phase, tasks are assigned, resources are allocated, and the project plan is developed. The monitoring and controlling phase is where the project is monitored and evaluated to ensure that it is on track and that the objectives and goals are being met. Lastly, the closing phase is when the project is finalized and