The stages of project lifecycle is an official business definition that outlines the different phases of a project from start to finish. It is a useful tool for project managers to help them plan, execute, and monitor projects. The stages of project lifecycle typically include initiation, planning, execution, monitoring and control, and closure. During the initiation stage, the project manager will define the project scope, objectives, and timeline. During the planning stage, the project manager will develop a detailed plan that outlines the tasks, resources, and timeline for the project. During the execution stage, the project manager will implement the plan and manage the project resources. During the monitoring and control stage, the project manager will monitor the progress of the project and make adjustments as needed. Finally, during the closure stage, the project manager will close out the project and document the results. By following the stages of project lifecycle, project managers can ensure that their projects are completed on time and within budget.