The official business definition of Project Stage is a period of time in which a project is broken down into smaller, more manageable tasks and goals. This period of time is typically broken down into four distinct stages: initiation, planning, execution, and closure. During the initiation stage, the project team is formed and the scope of the project is determined. During the planning stage, the project team develops a plan for how the project will be completed. During the execution stage, the project team works to complete the tasks and goals set out in the plan. Finally, during the closure stage, the project team evaluates the success of the project and any lessons learned. Project stages are important for ensuring that a project is completed on time and within budget.