All projects do pass through a number of recognizable phases or stages from initial to completion. As these phases are interrelated and dependent on each other, so it is reasonable to say the project passes through a project life cycle.
Project Life Cycle Phases
There is a general agreement that most project pass through a four life cycle phases under the following headings:
- Concept and Initiation Phase: The first phase starts the project by establishing a need or opportunity for the product, facility or service. The feasibility of proceeding with the project is investigated and on acceptance of the proposal moves to the next phase.
- Design and Development Phase: The second phase uses the guidelines set by the feasibility study to design the product, outline the build-method and develop detailed schedules and plans for making or implementing the product.
- Implementation or Construction Phase: The third phase implements the project as per the baseline plan developed in the previous phase.
- Commissioning and Handover Phase: The fourth phase confirms the project has been implemented or build to the design and terminates the project.
You can check my article on CPM and PERT. It may be helpful for you understanding the differences between the two popular methods of project management.