What are the main phases of a project lifecycle?

The correct choice identifies the four main phases of a project lifecycle: Initiation, Planning, Executing, and Closing.

In the initiation phase, the project is defined, and its feasibility is assessed. This includes identifying stakeholders, establishing project objectives, and obtaining the necessary approvals to move forward.

The planning phase involves developing detailed project plans, which outline how the objectives will be achieved. This includes scheduling tasks, estimating costs, assigning resources, and determining risk management strategies.

During the executing phase, the project plan is put into action. This is where project deliverables are developed, and team members work collaboratively to meet objectives. Effective communication and stakeholder engagement are essential during this phase.

Finally, the closing phase involves finalizing all activities, delivering the completed project to the stakeholders, and ensuring all documentation is completed. This phase includes evaluating project performance and conducting a post-project review to capture lessons learned.

Understanding these phases is crucial as they provide a structured approach to project management, ensuring that all aspects of a project are effectively planned and executed to achieve successful outcomes.