Explain Project Life Cycle.
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The project life cycle refers to the stages that a project passes through from initiation to completion, including planning, execution, monitoring, and closure. The typical phases of a project life cycle are:
Initiation: The project is defined, objectives are established, and stakeholders are identified. A feasibility study may be conducted to assess project viability.
Planning: Detailed plans are developed, including scope, schedule, budget, resources, and quality criteria. Risk assessment and stakeholder engagement strategies are also determined.
Execution: The project work is carried out according to the plans. Tasks are implemented, resources are allocated, and progress is monitored to achieve project objectives.
Monitoring and Control: Project performance is tracked against the baseline plans. Changes are managed, issues are addressed, and corrective actions are taken as needed to keep the project on track.
Closure: The project deliverables are finalized, and the project is formally completed. Lessons learned are documented, and final reports are prepared. Resources are released, and stakeholders are informed of project closure.
The project life cycle provides a structured approach for managing projects and ensures that activities are organized and coordinated to achieve project goals efficiently and effectively. Each phase of the life cycle has specific objectives and deliverables that contribute to the overall success of the project.