Explain Project Life Cycle.
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The project life cycle is a conceptual framework that outlines the stages a project passes through from initiation to completion. It typically consists of four main phases:
Initiation: The project is conceived, defined, and authorized, with objectives, scope, and initial resources determined. Stakeholders are identified, and the feasibility of the project is assessed.
Planning: Detailed planning activities are undertaken, including defining project scope, objectives, deliverables, schedules, budgets, and resource allocations. Risk assessment, stakeholder engagement, and procurement planning may also occur during this phase.
Execution: The project plan is implemented, and project activities are executed according to the defined scope, schedule, and budget. Resources are mobilized, tasks are performed, and deliverables are produced. Communication, monitoring, and quality assurance processes are also carried out during this phase.
Closure: The project is formally completed, and deliverables are handed over to the stakeholders. Final project documentation is prepared, lessons learned are documented, and project closure activities, such as financial closure, contract closure, and stakeholder feedback, are conducted. The project team is disbanded, and resources are released.