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A Guide to Project Lifecycle: What Is, the 5 Phases, Benefits, and More

Someone who hasn’t managed projects before may not probably understand the importance of a project lifecycle. At least, that was me before I started working closely with project managers and team leads 24/7 (not literally, but you get the point, right).

But, over the last few years, I experienced the hurdles of dealing with complex projects and the recurring mad rush of trying to wrap them up before tight deadlines. I realized that only half the job is done by defining tasks, setting due dates, or allocating resources.

That’s when I came across the term ‘project lifecycle’ and its phases. This blog is all about it.
No matter if you are starting a career as a team leader or are a seasoned project manager, you’ll find this blog helpful.

What Is Project Lifecycle?

Before we move to the project lifecycle phases, let’s quickly take a glance at what the term means. I know you probably have read a lot of definitions before, so I’ll try to keep things simple.

Imagine a project as a journey. The project lifecycle is the roadmap for that journey, outlining the distinct phases your project should pass through from its start to completion. Each phase serves a specific purpose, ensuring you have a clear plan, effectively manage tasks, and ultimately achieve your project goals.

But why does this matter?

Well, it provides a logical sequence of steps that help you plan, organize, execute, monitor, and close the project. It also helps you identify the key stakeholders, tasks, resources, risks, and deliverables involved in each phase.

What Are the Phases in the Project Lifecycle?

While there are different models and approaches, one of the most widely used and recognized ones is the five-phase project lifecycle.

This model divides a project’s lifecycle into five distinct but interrelated phases:

  • Initiation
  • Planning
  • Execution
  • Monitoring
  • Closing

Each phase has its own purpose, goals, and deliverables, as well as its own challenges and risks. Let’s take a closer look at each phase and what it entails.

Phase 1

Initiation: Defining the Project Scope & Objectives

As the name suggests, this is the phase when you, as a project manager/team leader, are supposed to initiate the project. It is this phase where you should have common queries, such as –

  • What are you aiming to achieve?
  • Is the project viable?
  • What’s the scope of your endeavor?

Defining clear, achievable objectives and understanding the project’s boundaries are crucial steps that set the stage for everything that follows. To simplify things for you, here’s what you need to do in this first phase of the project lifecycle

Identify the Need: What problem are you trying to solve, or what opportunity are you trying to seize? Every project starts with a need or a problem to solve. Engage stakeholders in discussions to understand the core objectives and the expected outcomes of the project.

Define the Scope: Establish the boundaries of your project, outlining what’s included and excluded.
Setting Clear Objectives: What are the specific, measurable, achievable, relevant, and time-bound (SMART) goals you want to achieve?

Identifying Stakeholders: Who are the individuals and groups impacted by the project, and what are their interests?
Develop the Project Charter: This document formally authorizes the project, outlining its objectives, key stakeholders, and the project manager’s authority (think of it as the project’s birth certificate).

Identify the Need: What problem are you trying to solve, or what opportunity are you trying to seize? Every project starts with a need or a problem to solve. Engage stakeholders in discussions to understand the core objectives and the expected outcomes of the project.

Define the Scope: Establish the boundaries of your project, outlining what’s included and excluded.
Setting Clear Objectives: What are the specific, measurable, achievable, relevant, and time-bound (SMART) goals you want to achieve?

Identifying Stakeholders: Who are the individuals and groups impacted by the project, and what are their interests?
Develop the Project Charter: This document formally authorizes the project, outlining its objectives, key stakeholders, and the project manager’s authority (think of it as the project’s birth certificate).

Suggested read: An Ultimate Guide on Project Charter [With Examples]

Phase 2

Planning: Creating a Detailed Project Plan

With the groundwork laid, it’s time to delve into the meticulous art of planning. This phase is the second and the most extensive one of the project lifecycle. So, what happens here?

Well, here, you need to –

  • Develop a work breakdown structure (WBS) by breaking down the project into manageable tasks and subtasks
  • Outline how you plan to execute the project and achieve objectives
  • Define and allocate the tasks, timelines, and resources that are required for the project
  • Establish quality standards, risk management strategies, communication protocols, etc.

If all these sound like bread and butter, hold on a second – I’ve got some bad news for you.

Not actually bad news, but there are some challenges that may bring bad news if not checked before time. Have a look at those below –

  • Overlooking/underestimating some aspects of the project can lead to gaps or errors in the project plan.
  • Overplanning/underplanning the project can result in an unrealistic or unachievable project plan.
  • Conflicting expectations from stakeholders can lead to frequent revisions or modifications in the project plan.
  • Not conducting a kickoff meeting with everyone in the project before moving to the next phase can lead to knowledge gaps.
  • Neglecting the project budget for minor changes (like having poor resource management) may lead to a loss in the end.

Getting too confused?

This blog can help if you need in-depth help with project planning –

Project Planning: What Is, Importance, How to Implement, & More

💡 Pro Tip: A reliable project management platform can help you in most aspects of the project lifecycle – right from resource management to – creating a project charter and more!

Phase 3

Execution: Implementing the Project Plan & Managing Tasks

It’s time to implement whatever you have planned in the last two phases. The execution phase is where theory meets reality. This is also where you see whether your project plan is working as it should or needs changes.

(Image Source: ProProfs Project)

That’s why it’s essential to always keep an eye on the ongoing work progress to analyze whether the team is on the right track or not.

So, what are the main deliverables of this phase? Well, there are two, to be precise –

  • Project Deliverables: Products or services the project produces, such as reports, documents, software, hardware, or training.
  • Project Outcomes: The benefits achieved due to the project, such as increased revenue, improved customer satisfaction, or reduced costs.

Also, team communication is something you can’t bargain with in this phase. Using a task management tool that comes with built-in team collaboration and communication capabilities can go a long way in helping keep costs down from investing in other software.

Such software can let you create teams and give/receive feedback via task comments, @mentions, share files, and more.

Let’s now talk about what steps you need to take in the project execution phase –

  • Create Project Workflow: Divide intricate tasks into smaller subtasks for more effective management. Delegate these components to team members and establish a timeline for each.
  • Prioritize Tasks: In project execution, it’s common to prioritize certain tasks initially. This helps you make time for the tasks that are more urgent before the menial ones.
  • Run Quality Control: Ensuring consistent quality throughout the project development process is paramount. Conduct regular quality control checks to monitor and maintain standards.
  • Manage Project Budget: Monitor expenses closely to avoid exceeding the pre-set budget.

🔥 Pro Suggestion: When selecting any project management system, ensure it allows automation for project invoices, estimates, and expenses. Trust me, it saves a lot of time!

Phase 4

Monitoring & Control: Tracking Progress, Managing Risks, & Making Necessary Adjustments

This is where we start moving closer to the end of the project lifecycle. And that means this is the phase where you must keep a vigilant eye. A slight error can cause the project to be derailed even when nearing completion.

Monitoring project progress can be easily done when you have Gantt charts and Kanban boards. While Gantt charts give you real-time visibility into project progress, Kanban boards provide better visibility into all your tasks across workflows.

This fourth phase is also where risk management plays a crucial role, allowing you to anticipate and mitigate potential pitfalls before they threaten the project’s success. It’s a continuous loop of assessment and adjustment, keeping the project on track.

Let’s take a quick look at the prerequisites –

  • Performance Measurement: Regularly track progress against established baselines and identify areas for improvement.
  • Performance Reporting: Share progress reports with stakeholders to keep them informed and maintain transparency.
  • Change Management: Adapt the project plan as needed to address unforeseen challenges or changing project requirements.
  • Issue Resolution: Proactively identify and address issues that arise throughout the execution phase.

Related post: 9 Best Risk Management Software in 2024

Phase 5

Closure: Evaluating Project Success & Capturing Lessons Learned

Congrats! You’re in the fifth and final phase of a project’s lifecycle. Does that mean it’s time you can finally sit relaxed and feel accomplished?

As the project finally moves to its endgame, it’s time to reflect on the success and understand the setbacks. Let me walk you through what project managers or team leads should be doing in this phase –

  • Analyze Project Performance: Did you achieve the desired objectives within the allocated timeframe and budget? Has the client expressed satisfaction with the deliverables?
  • Evaluate Team Performance: Examine employees’ timelines in delivering work and adherence to quality standards. Seek answers to these inquiries to gauge the effectiveness of your team’s performance.
  • Document Everything: Maintain a report comprising all the details about steps and tasks involved during the project’s life cycle.
  • Capture Lessons Learned: Document valuable insights and knowledge gained throughout the project lifecycle to inform future projects.

To know more about project closure, read – Project Closure Steps and Checklist: The Ultimate Guide

Benefits of Understanding the Project Lifecycle

Coming this far, one thing I forgot to address is the importance of following a properly documented project lifecycle.

A lot of project managers or team leaders, at the start of their careers, usually have too much to take care of. I get it that you may be curious if you could skip remembering yet another nuance called the ‘project lifecycle.’

I’ll share some of the key benefits from my experience. Have a go, and then decide for yourself if you’re okay with skipping them.

  • Enhanced Organization: Each phase provides a structured framework, ensuring a clear and organized approach to project management.
  • Improved Communication: Understanding the lifecycle fosters clear communication among stakeholders, keeping everyone on the same page.
  • Increased Efficiency: By following well-defined phases, you streamline processes, eliminate wasted efforts, and maximize resource utilization.
  • Reduced Risks: Proactive problem-solving and risk identification become integral parts of the process, minimizing potential project setbacks.
  • Better Project Outcomes: The structured approach significantly increases the likelihood of achieving project objectives within budget and timelines.

Gain Complete Control Over Project Lifecycle With ProProfs Project

Running a project from its start to completion is not a one-shot gig. Sometimes, resources fall short, and sometimes, budgets overrun the initial estimation. That’s why it is so essential to understand how a project lifecycle works.

So, what’s your best shot at implementing whatever you read in this blog? Get a project lifecycle management software system.

ProProfs Project is a great option for startups or SMBs looking for easy-to-use software to get started.

It’s a tool that packs all the basics of project management, like a task manager, multiple project progress views, automation, etc. Plus, what I like the most about it is that the software even has advanced features – resource planning, portfolio management, time tracking, reports, and more – at an affordable price tag.

It’s a tool that packs all the basics of project management, like a task manager, multiple project progress views, automation, etc. Plus, what I like the most about it is that the software even has advanced features – resource planning, portfolio management, time tracking, reports, and more – at an affordable price tag.

However, never forget to test any software before purchasing it. Test ProProfs Project’s free trial here.

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About the author

David is a Project Management expert. He has been published in elearningindustry.com, simpleprogrammer.com. As a project planning and execution expert at ProProfs, he has offered a unique outlook on improving workflows and team efficiency. Connect with David for more engaging conversations on Twitter, LinkedIn, and Facebook.