{"id":130180,"date":"2023-05-18T05:50:35","date_gmt":"2023-05-18T05:50:35","guid":{"rendered":"https:\/\/businessyield.com\/?p=130180"},"modified":"2023-05-18T07:02:03","modified_gmt":"2023-05-18T07:02:03","slug":"project-lifecycle","status":"publish","type":"post","link":"https:\/\/businessyield.com\/project-management\/project-lifecycle\/","title":{"rendered":"Project Lifecycle: Meaning, Stages & Why It\u2019s Important","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

There are many various kinds of initiatives, but they all have something in common. They all go through the same cycle, which is referred to as the project lifecycle or project management life cycle. Here, we’ll explain the stages and models of the project lifecycle in detail. <\/p>

What Is the Project Lifecycle?<\/span><\/h2>

The project lifecycle comprises the steps required for\u00a0project managers\u00a0to manage a project from start to finish successfully. The project lifecycle is divided into five stages: project initiation, project planning, project execution, monitoring and control, and project closure. Each of these phases is required for the project to be completed successfully.<\/p>

What are the Stages of a Project Lifecycle?<\/h2>

#1. The beginning phase<\/h3>

The project charter and stakeholder registration are two different activities that comprise the beginning phase of the project lifecycle. This phase is used to define your project’s vision, describe your goals with a business case, and get permission from a sanctioning stakeholder. The following are the essential components of the project charter:<\/p>