What are the phases of project life cycles?

Any project has 4 phases during its life cycle. They are given below:
  1. Conceptualization/ initiation: It refers to the development of the initial goal and technical specifications for a project. The scope of the project is determined, necessary resources are identified, and important organizational stakeholders are signed on. 
  2. Planning: It is the stage in which all details specifications, schematics, schedules and other plans are developed. The individual pieces of the project, are often called as work packages, aare broken down, individual assignments and the process for coompletion of clearly dlineated. 
  3. Execution: Here the actual work of the project is performed. The system is developed or the product is created and fabricated. It is during the execution phase that the build of project team labor is performed. 
  4. Termination: It occurs when the completed project is transferred to the customer, its resources reassigned, and formally project is closed out. As specific sub activities are completed, the project shrinks in scope and cost decline rapidly.


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