Summarise the concept of a project life cycle. You may include a diagram.

The project life cycle is a series of stages that a project passes through from its initiation to its closure. These stages provide a framework for managing and controlling project tasks and are typically sequential. However, they can overlap or occur simultaneously in some project environments.

The project life cycle typically includes the following four stages:

1. Initiation: This is the first stage of the project life cycle. It involves defining the project, establishing its objectives, and determining whether it is feasible. Key activities include identifying stakeholders, defining the project charter, and conducting a feasibility study.

2. Planning: In this stage, detailed plans are developed to outline the steps needed to achieve the project objectives. This includes developing a project management plan, defining tasks, estimating resources and time, creating a schedule, and planning for risks.

3. Execution: This is where the actual work of the project is carried out according to the plan. The project team is executing the tasks defined in the project plan, to deliver the product, service, or result of the project.

4. Closure: This is the final stage of the project life cycle. The project is completed, and the final product, service, or result is delivered. This stage involves closing all project activities, documenting lessons learned, and conducting a project review.

Here is a simple diagram to illustrate the project life cycle:

Initiation --> Planning --> Execution --> Closure

Each stage of the project life cycle has its own set of activities and deliverables that must be accomplished before moving on to the next stage. The project life cycle provides a structured approach to managing projects, helping to ensure that the project is completed on time, within budget, and to the satisfaction of all stakeholders.