The Project Lifecycle is a process that defines the phases of a project from start to finish. It helps organizations set measurable goals and strategies for projects, and identifies any potential risks or issues along the way. This framework enables teams to plan, execute, and deliver a project successfully. It follows four distinct stages: Initiation, Planning, Execution, and Closure. At each stage, tasks are completed, budgets established, goals reached, and timelines finalized. In short, the Project Lifecycle is an essential tool that simplifies the process of identifying and completing successful projects.