Project Management Life Cycle Phases (2024)

Whether you’re working on a small project with modest business goals or a large, multi-departmental initiative with sweeping corporate implications, an understanding of the project management life cycle is essential.

Learn the four phases of the project management life cycle to keep your project organized and on track from initation to close.

Project management life cycle overview

The project management life cycle describes high-level processes for delivering a successful project.

Wasted money and resources can be prevented with effective project management, as more than halfof 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.

4 phases of the project management life cycle

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.

Note: Some methodologies also include a fifth phase—controlling or monitoring—but for our purposes, this phase is covered under the execution and closure phases.

1. Initiation

First, you need to identify a business need, problem, or opportunity and brainstorm ways that your team can meet this need, solve this problem, or seize this opportunity. During this step, you figure out an objective for your project, determine whether the project is feasible, and identify the major deliverables for the project.

Project management steps for the initiation phase

Steps for the project initiation phase may include the following:

• Undertaking a feasibility study:Identifythe primary problem your project will solve and whether your project will deliver a solution to that problem
• Identifying scope: Definethe depth and breadth of the project
• Identifying deliverables:Definethe product or service to provide
• Identifying project stakeholders:Figureout whom the project affects and what their needs may be
• Developing a business case:Use the above criteria to compare the potential costs and benefits for the project to determine if it moves forward
• Developing a statement of work:Document the project’s objectives, scope, and deliverables that you have identified previously as a working agreement between the project owner and those working on the project

2. Planning

Once the project is approved to move forward based on your business case, statement of work, or project initiation document, you move into the planning phase.

During this phase of the project management life cycle, you break down the larger project into smaller tasks, build your team, and prepare a schedule for the completion of assignments. Create smaller goals within the larger project, making sure each is achievable within the time frame. Smaller goals should have a high potential for success.

Project management steps for the planning phase

Steps for the project planning phase may include the following:

• Creating a project plan:Identifythe project timeline, including the phases of the project, the tasks to be performed, and possible constraints
• Creating workflow diagrams:Visualizeyour processes using swimlanes to make sure team members clearly understand their role in a project
• Estimating budget and creating a financial plan:Usecost estimates to determine how much to spend on the project to get the maximum return on investment
• Gathering resources:Buildyour functional team from internal and external talent pools while making sure everyone has the necessary tools (software, hardware, etc.) to complete their tasks
• Anticipating risks and potential quality roadblocks:Identify issues that may cause your project to stall while planning to mitigate those risks and maintain the project’s quality and timeline
• Holding aproject kickoff meeting: Bring your team on board and outline the project so they can quickly get to work

Get started by mapping out all process steps and responsibilities in this workflow diagram template.

3. Execution

You’ve received business approval, developed a plan, and built your team. Now it’s time to get to work. The execution phase turns your plan into action. The project manager’s job in this phase of the project management life cycle is to keep work on track, organize team members, manage timelines, and make sure the work is done according to the original plan.

Project management steps for the execution phase

Steps for the project execution phase may include the following:

• Creating tasks and organizing workflows:Assigngranular aspects of the projects to the appropriate team members, making sure team members are not overworked
• Briefing team members on tasks:Explaintasks to team members, providing necessary guidance on how they should be completed, and organizing process-related training if necessary
• Communicating with team members, clients, and upper management:Provideupdates to project stakeholders at all levels
• Monitoring quality of work:Ensurethat team members are meeting their time and quality goals for tasks
• Managing budget:Monitorspending and keeping the project on track in terms of assets and resources

If you have a properly documented process already in place, executing the project will be much easier.

Depending on the project management methodology you follow, there are many visual tools that you can apply to see which deliverables have been completed ensure that your project remains on track. Use our project tracking templates to help organize your project management. Click the Kanban board and Gantt chart templates below to learn more.

4. Closure

Once your team has completed work on a project, you enter the closure phase. In the closure phase, you provide final deliverables, release project resources, and determine the success of the project. Just because the major project work is over, that doesn’t mean the project manager’s job is done—there are still important things to do, including evaluating what did and did not work with the project.

Project management steps for the closure phase

Steps for the project closure phase may include the following:

• Analyzing project performance:Determinewhether the project's goals were met (tasks completed, on time and on budget) and the initial problem solved using a prepared checklist.
• Analyzing team performance:Evaluatehow team members performed, including whether they met their goals along with timeliness and quality of work
• Documenting project closure:Makesure that all aspects of the project are completed with no loose ends remaining and providing reports to key stakeholders
• Conducting post-implementation reviews:Conducta final analysis of the project, taking into account lessons learned for similar projects in the future
• Accounting for used and unused budget:Allocateremaining resources for future projects

By remaining on task even though the project’s work is completed, you will be prepared to take everything you’ve learned and implement it for your next project.