Project Lifecycles are a vital part of running a successful business. The official business definition of Project Lifecycles is a series of stages, or phases, that are followed when managing a project. Each stage has a specific set of objectives, activities, deliverables and milestones that must be completed before moving on to the next stage. The stages of a project lifecycle typically include initiation, planning, execution, monitoring and control, and closing. Initiation is the initial step in the project lifecycle and involves the identification of the project’s goals, scope, and timeline. Planning involves creating a plan for the project that includes tasks, resources, and budget. Execution is the process of carrying out the plan by completing tasks and delivering the project. Monitoring and control involves making sure the project is progressing according to the plan and making changes as needed. Finally, closing is the process