{"id":16802,"date":"2020-09-30T13:32:52","date_gmt":"2020-09-30T13:32:52","guid":{"rendered":"https:\/\/staging-mondaycomblog.kinsta.cloud\/?post_type=pm&p=16802"},"modified":"2026-08-30T04:09:09","modified_gmt":"2026-08-30T09:09:09","slug":"project-management-life-cycle","status":"publish","type":"post","link":"https:\/\/monday.com\/blog\/remote-work\/project-management-life-cycle\/","title":{"rendered":"What is a project management life cycle? The fundamentals"},"content":{"rendered":"

49%<\/a> of project managers say that inconsistency in the project management<\/a> life cycle is their biggest hurdle. Which makes sense, given that 40%<\/a> don\u2019t even define their project management methodology before they start.<\/p>\n

With robust project life cycle planning and cutting-edge project management software, you\u2019ll see your project success rate soar. This article will walk you through the basics of a project management life cycle as well as give you tips on how to leverage project management software<\/a> for flawless project execution.<\/p>\n

Get started<\/a><\/p>\n

What is a project management life cycle?<\/h2>\n

A project management life cycle comprises the stages you move through as you create and execute a project<\/a>. Starting with the project initiation phase, a project management life cycle moves through stages of planning, execution, control, and close.<\/p>\n

A well-thought-out project management life cycle plan helps you understand which tasks need to be carried out, by whom, and at which stage. You’ll experience more streamlined project execution and overall task management<\/a> when you define your project management life cycle. If you don\u2019t establish a clear project life cycle, you\u2019ll experience \u2018scope creep\u2019 \u2014 in which uncontrolled, unexpected variables creep into your project development and execution process.<\/p>\n

This results in missed deadlines, soaring costs, and frustration.<\/strong><\/p>\n

Consider that half<\/a> of all projects experience scope creep and over<\/strong> half<\/a> of all projects run above budget.<\/p>\nWithout a clear project management process, the costs and workload have a tendency to get away from you.<\/span><\/a>\n

To remedy this, many companies are using platforms like monday.com to put a cohesive project management system into place. As 69%<\/a> of all projects that use project management software are completed within budget, it\u2019s a top way to save money by organizing your project management life cycle.<\/p>\n

For example, how Zippo<\/a> saved $82,000<\/a> and increased projects by 87% with the help of monday.com \u2014 they\u00a0worked to create templates for each phase of the project management life cycle:<\/p>\n

\"Project<\/p>\n

And, because each phase can be assigned to multiple team members, inter-departmental cooperation has skyrocketed:<\/p>\n

“The process has become so much more collaborative. Everyone can drag-and-drop different projects and organize them based on priority. We’re also able to organize the details of our projects in the way we want with the various column types and make updates in real-time.”<\/p><\/blockquote>\n

The 5 phases of your project management life cycle<\/h2>\n

All projects start with an idea that needs to be formed and executed in real-life. The phases that the project travels through keep it on course for success.<\/p>\n

Here are the five phases of the project management life cycle that keep your projects on track.<\/p>\n

1. Initiation<\/h3>\n

This is the stage where you identify a problem or a need that you may have a potential solution for. You are researching the project\u2019s viability to find credibility in your solution.<\/p>\n

You may need to justify the demand for your project to key decision makers at this point. The initiation stage of the project management life cycle is where you would gather evidence for why your project\u2019s success would be valuable.<\/p>\n

Initiation phase tasks include:<\/p>\n