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The following are phases of project life cycle

Initiation

This is the first phase of project life cycle. In this stage, a project charter, which is also called the project statement, is defined. This statement provides the project idea, outlines the project objectives, identifies the project manager and stakeholders, and defines the role and authority of the project manager.

Planning

The planning phase involves designing the course of actions according to the scope of the project. In this phase, various aspects of the project, such as cost, time, quality, risks, communication, human resource, and procurement, are efficiently planned for execution.

Execution

In the execution phase, the project plan is put into practice. In this phase, the project plan is carried out, and the project activities are executed. It is the longest phase of a project lifecycle. In addition, the maximum portion of the project cost is incurred in the execution phase.

Controlling

The controlling phase involves measuring and monitoring the progress of the project to identify the loopholes, if any, in the execution of the project. The identification of loopholes in the execution helps the project manager take corrective actions.

Closing

This is the formal closure of the project. As a project attains its goal, it needs to be closed finally. The personnel and other resources are released to be used for other activities. Closing may happen due to success or failure of a project. A project that has achieved its objectives within the given resources and time is considered successful.