The Five Stages of the Project Management Life Cycle

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Below you'll find terms like " waterfall " and " agile ," which we'll explain in more detail in the next section. For now, here's a brief summary of the five stages of the project management lifecycle:

1. Project initiation
This is the very beginning of a project, when the business case is developed and key stakeholders approve it. When launching a project, for example, you might identify a sponsor and the project scope (what is included and what is excluded) in the project charter.

2. Project planning
During the project planning phase , the project manager develops rcs data vietnam the project plan. In the waterfall methodology, the project plan will be comprehensive and exhaustive. All stakeholders must agree on the project deliverables and identify the project milestones. With the Agile methodology, the project planning phase is shorter and combined with the project execution phase. This is also the stage where a work breakdown structure (WBS) can be created to break down large or complicated objectives into more manageable tasks.

3. Project execution
For waterfall projects, the project execution phase involves following the project schedule and implementing what was agreed upon during the planning phase. In an Agile project, sprints begin at this stage. Each sprint defines what will be delivered next, bringing the project closer to its final goal.