Project life cycle and management

Project life cycle and management

Project life cycle and management
Project life cycle and management

The project management life cycle is usually broken down into four phases: initiation, planning, execution, and closure. These phases make up the path that takes your project from the beginning to the end.

The project management life cycle describes high-level processes for delivering a successful project. For every $1 billion invested in projects by companies in the United States, $122 million was wasted due to lacking project performance, according to Project Management Institute Research. Wasted money and resources can be prevented with effective project management, as 57% of unsuccessful projects fail due to communication breakdown. In the phases of the project management life cycle, you come up with the idea for a project, define its goals, plan for its execution, and guide it to completion.

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