The project life cycle is the collection of the project phases.
The five sequential phases:
Concept (managers briefly describe the project: types of work, deliverables, involvers, management);
Planning (project team creates more detailed project management plans, a more accurate cost estimate and a more thorough Work Breakdown Structure: objectives are determined, as well as how to reach those objectives with the given constraints);
Initiation (the project is authorized);
Implementation (The project is executed utilizing acquired resources. Project performance is monitored and measured to ensure the project plan is being implemented to design specifications and requirements. project team creates a very accurate cost estimate, delivers the required work and provides performance reports to stakeholders);
Closeout (the project, its phases, and contracts are brought to a formal end. all the work is completed, customer acceptance of the entire project).
Management reviews, also called phase exits or kill points, should occur after each phase to evaluate the project’s progress, likely success, and continued compatibility with organizational goals