Project life cycle phases: initiation to closing

Project life cycle

Initiation

Planning

Execution

Monitoring

Closing

The objective of this phase is to determine the vision for the project, document what is expected to be achieved and obtain the approval of the party with veto or decision power.

During the planning phase, the project infrastructure is built.

Scope of the project

Deliverables

Objective

Resources required

Schedule of activities

Estimated cost

Risks and possible difficulties

The project management plan.

The scope of the study, in a more detailed way than in the previous phase.

The structure of work.

A quantitative risk analysis.

Possible responses to risks.

This phase is critical, as it is when ideas and planning begin to come to life and the project vision materializes through coordinated action of teams and resources

The implementation process also involves management of financial, human and material resources as much of the budget is consumed at this stage

the actual progress of the project is monitored against the plan and corrective measures are implemented

Regardless of how reasonable a plan is, in practice adjustments will always be necessary, so this phase is also very important.

The closing phase is the final stage of a project’s life cycle and it is where relevant conclusions about the whole process can be drawn.

The delivery of the project

Final meeting

File of records

Dissolution of the team