Project life cycle phases in project management are the set of standard processes that any new project must go through. It’s important to understand the different stages of a project so that an effective plan can be created, implemented and followed through. These stages include Initiation, Planning, Execution, Monitoring and Closure. Each phase depends on the successful completion of the previous phase and is followed by a review where information can be exchanged between the stakeholders and team members involved. Doing this will ensure that any problems or delays can be identified and resolved quickly, resulting in a successful outcome.