2.0 The Project Lifecycle | Project Management Essentials

2.0 The Project Lifecycle

Every project has a beginning and an end — whether it's a small internal event or a large-scale IT implementation. In project management, this flow is called the project lifecycle, and it helps break down the process into clear phases, each with its own goals, activities, and deliverables.

In this chapter, we’ll explore the project lifecycle in four key phases:

1. 2.1 Initiation Phase: Preparing to formally start the project
2. 2.2 Planning Phase: Building a roadmap for success
3. 2.3 Execution Phase: Coordinating teams and creating deliverables
4. 2.4 Closing Phase: Wrapping up and evaluating results

Why Break Projects Into Phases?

Thinking in terms of lifecycle phases offers several advantages:

• Clarifies what needs to be done at each stage
• Makes it easier to track progress and issues by phase
• Helps build shared understanding among stakeholders
• Enables structured evaluation and reflection

This approach is especially valuable in medium to large projects involving multiple teams. Introducing phase-based approval gates allows high-risk decisions to be made progressively and with more clarity.

Waterfall vs. Agile

The lifecycle model has traditionally been associated with the Waterfall approach. However, Agile methods — which use short, iterative cycles — have become increasingly common.

Even in Agile, the same four steps (Initiate → Plan → Execute → Close) still exist in principle. You still need to set a direction at the start, and reflect on outcomes at the end. So regardless of the methodology, the project lifecycle remains a valuable framework.

What’s Next

Starting in the next section, we’ll take a closer look at each phase — what it aims to achieve, how to prepare for it, and what outputs to expect.

→ Continue to 2.1: Initiation Phase