The official business definition of a Project Cycle is a structured, iterative process for managing the development of a project. It consists of four distinct phases: initiation, planning, implementation and closure. In the initiation phase, the project is identified, the scope outlined and objectives defined. In the planning phase, the project team develops a detailed plan including a timeline and budget. In the implementation phase, resources are allocated and the project is executed based on the plan. Finally, the closure phase ensures that the project objectives have been achieved and that any lessons learned are documented and shared with the team. The project cycle is an essential tool for project management, as it provides guidance and structure throughout the entire project. It also helps to keep the project on track, ensuring that the project is completed on time and within budget. By following the project cycle, companies can maximize the success of their projects.