Initiation - The phase where the need or opportunity for the project is identified. During this phase, the project's objectives, scope, feasibility, and stakeholders are defined., Planning - Project managers and teams define project goals, deliverables, tasks, schedules, budgets, resources, and risk management strategies., Execution - Teams carry out the tasks according to the project plan, and project managers oversee the progress, monitor resources, and communicate with stakeholders., Monitoring and controlling - The project's progress is tracked against the project plan. Key performance indicators (KPIs) are used to measure and assess the project's performance. Regular status reports and updates are provided to stakeholders., Closure - Finalizing and delivering project deliverables, obtaining formal acceptance from stakeholders, and closing out contracts and resources. A post-project review is often conducted to evaluate the project's overall success and identify areas for improvement.,

Project life cycle

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