The project management lifecycle is a roadmap to accomplishing the goals of a project. The Project Management Institute (PMI) defines these processes in five phases:

 

Phase 1: Project Initiation
Setting the overall project direction, defining objectives and gaining approval.

Phase 2: Project Planning
Developing a plan that will accomplish the objectives of the project within the established parameters.

Phase 3: Project Execution
Carrying out tasks in the plan to complete deliverables and report progress.

Phase 4: Project Monitoring and Control
Managing change and measuring progress in regard to schedule, budget and quality of deliverables.

Phase 5: Project Closure
Documenting the acceptance of the completed project along with lessons learned.