Project Management 101: Understanding the Project Lifecycle

What is the project lifecycle?

Understanding the project lifecycle is essential for project managers to lead their teams and deliver successful outcomes effectively. The project lifecycle serves as a roadmap that outlines the critical stages of a project, guiding it from its initial idea to its completion.

At its core, the project lifecycle is a structured framework that organises the project into distinct phases, each with its own set of tasks and objectives. By following this framework, project managers can ensure that the project progresses smoothly and stays on track towards meeting its goals.

The project lifecycle serves as a roadmap that outlines the critical stages of a project, guiding it from its initial idea to its completion."

The project lifecycle is a guide that helps project managers make informed decisions, allocate resources effectively, and proactively manage risks.

How many stages does a project have?

A project typically encompasses five key stages: initiation, planning, execution, monitoring and controlling, and closure.

These project stages represent the backbone of project management, providing a structured approach that helps managers lead projects to successful completion.

What are project phases vs. project lifecycle?

Understanding the distinction between project phases and the project lifecycle is essential for maintaining clarity in project management.

While the project lifecycle encompasses the entire project journey from beginning to end, project phases are specific, well-defined steps focusing on tasks or objectives. Thus, the project phases form the entirety of the project.

Each phase concludes with the completion of deliverables and is often highlighted by a review or milestone, ensuring that the project stays on course and aligns with its goals.

Also read: What are project milestones? 

What’s essential for each project phase in the project lifecycle?

The project's value and feasibility are assessed during the initiation phase, leading to its formal authorisation.

The planning phase involves setting goals, defining roles and stakeholders, and establishing the project's course of action.

Execution sees the project plan put into motion, while monitoring involves tracking the project's progress and making necessary adjustments. This entails keeping an eye on the budget, avoiding scope creep, and ensuring all hours and expenses are registered so you know the project's status at all times. 

Finally, the closure phase marks the completion of the project, with a focus on settling all contracts, documenting lessons learned, and evaluating.

Agile vs. Waterfall: Understanding how the different methodologies impact project lifecycle

The project lifecycle in Agile and Waterfall methodologies exhibits distinct characteristics due to their differing approaches to project management.

Waterfall project lifecycle

In the Waterfall model, the process is linear and sequential, with each phase having to be completed before the next one begins. There is a strong emphasis on upfront planning and a clear roadmap for each project stage.

Waterfall is often suited for projects with well-defined requirements and predictable outcomes, where changes are infrequent and the scope is fixed. The method's structured nature allows for easy progress tracking and budget management, but it can lead to extended delivery timelines and difficulty accommodating changes once the project is underway.

Agile project lifecycle 

Agile adopts an iterative and incremental approach, where projects are broken down into smaller, manageable units known as Sprints.

Agile focuses on collaboration, customer satisfaction, and continuous improvement, allowing for rapid adaptation to changing requirements and frequent delivery of workable products.

Also read: Agile project management

Conversely, agile thrives in environments where flexibility is vital, and the final product may evolve. It is particularly beneficial for complex projects that require frequent reassessment and adaptation, such as software development.

The key differences between agile and waterfall project methodologies are their oversight, processes, documentation, and timing approaches.

Need to integrate Jira with user-friendly time tracking? TimeLog integrates with Jira Cloud

Managing project lifecycle in the professional services industry

Understanding and navigating the project phases and lifecycle is crucial for project managers in consulting companies, engineers, and other professional services organisations.

The project manager guides projects through each phase, ensuring that objectives are met while adhering to scope, time, and budget constraints.

In consulting, project managers are pivotal in aligning client expectations with project deliverables, managing resources, and facilitating stakeholder communication. They must also be adept at risk management and problem-solving to steer projects to successful completion.

Also read: What makes a project fail? 5 of the biggest project management mistakes 

Why embrace a project lifecycle approach?

The project lifecycle provides a structured approach, enabling project managers to deliver consistent results and value to their clients.

When you master these phases, you enhance the effectiveness of projects and teams, contributing to your company's reputation and success in a competitive industry.

Also read: The Effective Project Plan - The project manager's ultimate guide  

The lifecycle approach also aids in standardising processes, which is essential for consulting firms that manage multiple projects. This standardisation ensures quality and efficiency, allowing project managers to transfer knowledge and best practices from one project to another, ultimately benefiting the clients and the consulting firm.

Get our free templates for creating project milestones