These 5 stages create what is known as a project life cycle. In this article, we’ll define the project management process and cover each phase of project management. The project management process is a series of phases that represent the evolution of a product”from concept to delivery, maturity, and finally retirement.
A project phase is a collection of related project management activities. Their relationship in the life cycle is often sequential, and each project phase culminates with the completion of one or more project deliverables. Each stage of the project life cycle has a distinct focus that’s different from other stages.
According to the PMBOK Guide (Project Management Body of Knowledge) by the Project Management Institute ( PMI ), a project management life cycle consists of 5 distinct phases including initiation, planning, execution, monitoring, and closure that combine to turn a project idea into a working product.