What is a Project Life Cycle?
The project life cycle is the series of phases a project passes through from start to close — commonly starting, organizing/preparing, executing, and ending. Its shape varies by approach: predictive (plan-driven, phases sequential), iterative/incremental (repeat and refine), adaptive/agile (change-driven), or hybrid.
Two curves define its economics: cost and staffing peak mid-execution, while stakeholder influence and the cheapness of change are highest at the very beginning — which is the exam's favorite argument for early stakeholder engagement.
Worked example
A pipeline project runs a classic predictive life cycle: feasibility → detailed engineering → construction → commissioning → handover, each phase gated. Rerouting the line costs a meeting in feasibility, a redesign in engineering, and millions during construction — same decision, wildly different price depending on where in the cycle it lands.