The Phases Of The Project Life Cycle

2163 Words Nov 9th, 2014 9 Pages
Through history man has been leading other individuals in order to achieve a target. As Bolles (2002, p. 3) defined, an aim for international market companies is to improve their systems by becoming more competitive in the market. One way to achieve this is through projects that will positively impact the firm. This encourages companies to turn to Project Management to deliver business results (Project Management Institute, 2010, p. 1).Two factors that show whether a project has been successful or not is by being completed within its time restraint and budget. A real life example which proves that point is the Millennium Dome. This building project was on time and to budget (, 2014). Hence, critically this project was successful. By this, it can be said that when a project needs to be accomplished successfully, a procedure should be followed. This essay focuses on the phases of the project life cycle. These phases are five and known as ‘Initiating’, ‘Planning’, ‘Executing’, ‘Monitoring and Controlling’, ‘Closing’ (Blokdijk (2008, p. 8). Throughout this essay, a parallel critical discussion is included that adds more understanding.
To begin with, Project Management is when a number of skills, knowledge, techniques, and tools are applied to satisfy the requirements of the stakeholders from a project (A Guide to the Project Management Body of Knowledge, 1996, p. 6). The approach of the Project Life Cycle was developed by the Project Management Institute (A Guide…

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