The project management lifecycle provides structure and tools to ensure that projects have the best chance of success

Each phase is important in ensuring that the project has the best possibility of success

1. Project Initiation Phase This normally starts with a business case, cost-benefit analysis, and other sorts of research to assess

2. Project Planning Phase This phase begins with a set of SMART (specific, measurable, achievable, realistic, and time-bound) goals

3. Project Executing Phase Now comes the most important portion of the project: completing the tasks, deliverables, and milestones outlined in the project scope

4. Project Monitoring and Controlling Phase The project monitoring and control phase is critical to ensuring that the execution goes as expected in terms of time, scope, and budget baselines

5. Project Closing Phase It’s not over until the project closure phase it’s over.

It means wrapping up work, ensuring that everyone has been paid, and ensuring that all project has been signed off to use in future project planning