Project phases and project life cycle are essential concepts in the world of business. A project phase is a collection of related activities that must be completed to achieve a specific project milestone. The project life cycle is the progression of phases a project goes through from initiation to completion. It is an organized series of steps that must be taken in order for a project to be successful. The four main phases of the project life cycle are initiation, planning, execution, and closure.
The initiation phase is the initial planning of the project and includes tasks such as establishing the objectives, scope, and timeline. The planning phase involves defining the project’s deliverables, tasks, and resources, as well as creating a detailed project plan. The execution phase is when the project team begins working on the project and includes tasks such as monitoring and controlling the project. The closure phase wraps up the project and delivers it.