What is the project lifecycle?

Whether you’re working on a small or large-scale project, the project lifecycle is an essential part of the project planning and management process. It defines the crucial elements that need to work together holistically to deliver a project successfully. 

What is the definition of a ‘project lifecycle’? 

A ‘project lifecycle’ is essentially the stages a project needs to progress through from ideation through to delivery. 

It provides a high-level framework for project managers that defines the steps they need to follow to successfully manage a project from start to finish. 

Explore more terms related to project management:

The phases of the project lifecycle 

Although the exact number of stages a project progresses through can differ according to the project and the organisation, there are typically 4 phases that underpin most project lifecycles. 

These 4 phases of the project lifecycle are: 

1. Initiation phase 

This is the start of a project. It involves setting a vision for your project and defining and documenting your project goals and deliverables, the project’s scope, and the resources you’ll need to deliver the project successfully. 

It also involves identifying relevant stakeholders and clarifying their expectations of the project, and developing a business case for your project. 

Some of the tasks involved in the initiation phase can include: 

• Identifying project scope and vision to provide clear direction to project teams 

• Communicating with stakeholders to set clear expectations

• Setting Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals

• Identifying project resources

• Compiling a business case, project proposal and project charter

2. Planning phase

Once the initiation phase is complete and the project has been approved to go ahead, it can then move into the planning phase. This phase essentially defines how a project will be completed. 

Project planning involves: 

• Developing a project plan, including tasks, resources, schedule and constraints 

• Creating a project budget 

• Identifying potential risks and planning how these risks will be mitigated 

3. Execution phase

This is the phase in which the work gets done to complete the project. The project team begins working on their assigned tasks, and the project manager makes sure these tasks are completed on-time according to the project schedule, and that the workflow continues seamlessly.  

During this phase, it’s essential that project managers also carefully monitor and manage the work and costs, as issues may arise that require quick adjustments. 

4. Closing phase

This is the end of the project. Once the project team has completed all their assigned tasks, the project manager can sign off on all the deliverables being complete, and the project can then be closed. 

The project documentation (if any) is handed over to the project manager, and the finished product or service is delivered to its new owners. 

In the closing phase, project teams also assess the project’s performance - what went well and what didn’t - to determine whether the project’s goals were met successfully, and what improvements can be made for future projects. 

Why is the project lifecycle useful for project managers? 

Utilising a project lifecycle as a framework for a project greatly benefits both project managers and their project teams alike. 

Because it clearly sets and lays out the plan for a project from concept through to delivery, it provides a very useful tool for project managers and teams to work towards and measure performance against.  

Without a project lifecycle, project managers and teams would lack any clear direction, and with a project’s vision, goals and deliverables left undefined, the project is likely to fail. 

How can I understand and use the project lifecycle phases? 

If you’re looking to enter a career as a project manager, or to take up a promotion within your current organisation as a project manager, it’s important that you have an in-depth understanding of each of the project lifecycle phases and how they work together to successfully deliver a project. 

A masters can help you gain this essential knowledge, as well as to understand how to successfully apply the project lifecycle phases to real-world projects. With an MSc in Project Management, you’ll have the knowledge, experience and practical skills you need to succeed as a project manager. 

If you’re ready to launch or advance your career in project management, discover how Cambridge Education Group’s MSc Project Management (to be validated by LSBU) can boost your employability as a highly-skilled project manager in the global job market.