2.0 The Project Lifecycle
Every project has a beginning and an end — whether it's a small internal event or a large IT rollout. In project management, this flow is called the project lifecycle, and it gives you a way to break the work into clear phases, each with its own goals, activities, and deliverables.
In this chapter we walk through the lifecycle in four phases:
- 2.1 Initiation Phase: Preparing to formally start the project
- 2.2 Planning Phase: Building a roadmap for success
- 2.3 Execution Phase: Coordinating teams and creating deliverables
- 2.4 Closing Phase: Wrapping up and capturing what you learned
Why Break Projects Into Phases?
Thinking in lifecycle phases gives you a few practical benefits:
- Clarifies what needs to be done at each stage
- Makes it easier to track progress and issues by phase
- Builds shared understanding among stakeholders
- Enables structured evaluation and reflection
This is especially valuable in medium-to-large projects with multiple teams. Adding phase-based approval gates lets you commit to risky decisions in stages, with eyes open at each step.
Waterfall vs. Agile
The lifecycle model is most often associated with the Waterfall approach. Agile methods — short, iterative cycles — have become increasingly common, but the same four steps (Initiate → Plan → Execute → Close) still exist underneath. You still need to set a direction at the start and reflect on outcomes at the end. The lifecycle is a useful frame regardless of methodology.
What's Next
From the next section onward, we look at each phase — what it aims to achieve, how to prepare for it, and what outputs to expect. Each one closes with a "How this looks in AB" note showing the same idea in AB Project Management.