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Project Management Phases

Initiation
Process of formally recognizing that a new project exists or that a phase should begin and committing to start it.
Planning
Phase in a waterfall project life cycle where the project plan or program plan is prepared.
Executing
Phase in a waterfall project life cycle where the product or service to be delivered by the project or program is produced.
Monitoring & Controlling
Phase in a waterfall project life cycle where the completed results are compared to the planned results to ensure that the project’s objectives will be achieved.
Closing
Phase in the waterfall project life cycle in which all outstanding contractual or other administrative issues are completed and documented in preparation for turning over the product or service to the customer.

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