Project Life Cycle Meaning | What is the Project Life Cycle? | UBS
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Project Life Cycle

What is the Project Life Cycle?

The Project Lifecycle is defined as the series of phases that a project goes through. Depending on the company and the type of project, the number of phases and chronology of the cycle may differ. However, as part of a project, they must have a defined beginning and end, as well as be time-bound. Regardless of the exact labor involved, the lifecycle offers the basic foundation for the actions that must be accomplished throughout the project.

When a project is divided down into phases, it is easier for a project manager to keep track of all the current information. Each phase of the cycle has its own set of features and product deliverables, which are evaluated at the conclusion of the Project Management processes.

The Project Management Book of Knowledge (PMBOK) recommends that the Project Management life cycle include the following elements:

  • What tasks must be completed?
  • Who will be a part of the team?
  • What is the scope of the project’s deliverables?
  • How do you keep track of each phase’s progress?

4 project management life cycle phases are as follows:

  • Initiation: nature and scope of the project
  • Planning: time, cost, resources, and scheduling
  • Execution: processes used to complete the project
  • Monitoring and Control: keeping an eye on the actual project progress
  • Closure: formal end of the project

Also, See: Project Management

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