The project life cycle is the framework that guides a project from inception to completion. It depicts the timing of each significant event in the project's timeframe, each with its own set of activities and deliverables. The project lifecycle also enables project managers to assess and mitigate risks effectively. Although the lifecycles can vary across industries, the most common core phases are outlined below.

Phases of the Project Life Cycle

1. Defining/Initiating: This is the first phase where the project's value and feasibility are evaluated. Key activities include defining the project scope, identifying stakeholders, and establishing project objectives.
2. Planning: In this phase, detailed project plans are developed, including setting timelines, budgets, and resource allocation. Risk management and communication plans are also established.
3. Executing: The execution phase is where the project plan is put into action. Project managers coordinate resources, manage teams, and ensure that project tasks are completed according to plan and any changes thereof.
4. Monitoring and Controlling: Throughout the execution phase, continuous monitoring and controlling are necessary to track progress, which involves measuring performance, managing changes, and ensuring that project objectives are on track for delivery.
5. Closing: The final phase involves completing project deliverables, obtaining stakeholder approval, and formally closing the project. Lessons learned are documented for knowledge sharing with future project teams.