9.5 Illustration of the Project life cycle

The project life cycle is a systematic and organized approach to the management of projects, from start to finish. It is typically divided into several stages, each with its own set of objectives and activities. Here’s an illustration of the typical project life cycle:

1. Initiation: The first stage of the project life cycle, where the project idea is developed and the business case is evaluated. This stage also involves defining project scope, timeline, budget, and goals.
2. Planning: In this stage, detailed plans are developed and resources are allocated. The project schedule, budget, and risk management plan are also defined.
3. Execution: This stage involves the implementation of the project, including the completion of individual tasks and milestones.
4. Monitoring and control: This stage involves regularly tracking and monitoring project progress and making necessary adjustments to keep the project on track.
5. Closing: where the project is completed, and its results are evaluated.