Project Life Cycle Definition: Project life cycle is a workflow of activities defined in the

systematic ways to gain maximum benefits from business project. A project stands out for its life
cycle, which is usually presented as consisting of phases. The number of phases and their
designation may vary from one application to another, from one application area to another and
from one author to another. The project engineer will sometimes define the phases of the project
under its responsibility by taking account of parameters specific to the project or the company
culture. Project plan may keep on changing depending on the complexity, budget and size of the
project. These differences limit in any way valid and relevance of the model. But when we are
discussing about business project management, it is highly recommended that an engineer should
follow the below four phases of the business project life cycle structure in any type of project
model. With you follow the proper project model, it will benefit you in many ways. For example:
It will help to project goals and objects appropriately; It will help you to give clear picture to
promoters and stakeholders; Also it will help you to balance project quality, scope, cost and
resources. Finally, this would lead you towards successful project with implementing successful
project plans. Project Life Cycle Stages: Let us understand about various stages involved in
project life cycle when we are discussing about business project management. Below listed are
the stages and phases of project life cycle. Wiki Finance pedia - e-learning course on Startup and
Business Wikipedia Chapter - What are Project Life Cycle Stages and Phases of Business Project
Management1. Identification Phase: This is the first stage of project life cycle. It is also known
as initiation phase. In this stage project objectives are identified and requirements are clarified.
Apart from this, business opportunities, business problems and business needs are discussed.
Further investigation is done to find the feasibility. After doing all the studies final
recommendations are been addressed whether we can do this project or not? Or whether this
project is profitable or not? Once project is been approved, hiring of employees and managers
are conducted. Team are built to deliver the business project. Finally detailed planning is been
performed on the project by key members of the projects. Here comes the next stage of project
which is planning. 2. Planning Phase: In project planning phase, scope of the project is defined
more accurately. Once the project team is been finalized and work is been identified, schedules
of deliverables and estimated cost are been figured out. Detailed planning is established for its
duration; timelines, resources and expenditures, as well as policies and management procedures.
In planning stage, it is a good time to identify possible risk and prepare the risk management
strategies. Further you can create a communication plan for project stakeholders describing risks,
planning, scope and delivery timelines. Finally after drafting and presenting project plan,
acceptance plan is been prepared by project managers. It is assumed that all the project planning
activities are been completed and now project is ready to move to next phase of implementation.
Wiki Finance pedia - e-learning course on Startup and Business Wikipedia Chapter - What is
Project Life Cycle Definition, Stages, Phases of Business Project Management3.
Implementation, Monitoring and Controlling Phase: This is the third stage of project life cycle.
In this phase product or service is actually carried out according to plan and in accordance with
the applicants requirements. Project managers keep close watch on implementation activities,
since this is one of the important stages of life cycle. During this stage, team carry-on with task
assigned to them and daily status report is been presented to management to track the activities
and schedule of the activities. Apart from this stakeholder are also been communicated on the
activities on regular basis. Status report should highlight key points in it. For example: activities
performed, schedules, cost and quality of the product. Before delivering the project, quality and
control measures are closely monitored and reviewed against acceptance plan. One deliverables
are presented and accepted by the customer or a client, project moves to final stage of closing
activities. 4. Closure Phase: This is the final stage of project life cycle. In this stage product or
service is been delivered to customer or a client for evaluation. Project documentations like user
manuals and other documents are been handed over to the client. All key members and
stakeholders are been communicated regarding closure of the project. Lastly, documentation of
lessons learn is been prepared by team members for the purpose of examinations and self
learning for the future projects. Apart from this, there are various different project life cycle
stages and phases based on different project according to its areas, such as construction,
academic research and software engineering. But this project life cycle is the common procedure
followed across many industries.

Read more at: http://wikifinancepedia.com/finance/business-planning/what-is-project-life-cycle-

definition-stages-phases-of-business-project-management