What does the project life cycle refer to?

The project life cycle refers to the series of phases that a project goes through from initiation to closure. This framework includes distinct stages such as initiation, planning, execution, monitoring and controlling, and closure. Each phase has specific objectives, tasks, and outcomes, enabling project managers to effectively organize and manage the project’s progress.

Understanding the project life cycle is crucial because it provides a structured approach to managing projects, ensuring that all necessary steps are taken to successfully complete the project. It also facilitates communication among stakeholders, helps in resource allocation, and allows for proper scheduling and monitoring of project activities.

This concept differs from overall project strategy, financial management, and human resources, which are important but represent only specific aspects of project management rather than a comprehensive framework for the progression of a project.