The initiation phase of a project lifecycle is where the project's value and feasibility are measured. Project managers typically use two evaluation tools to decide whether or not a project is feasible. These are the business case document, which justifies the need for the project in terms of return on investment, and a feasibility study, which examines the goals, costs and timeline. Stakeholders are identified and project objectives are established during this phase. An essential outcome of the initiation phase is the project charter, which is a formal document that authorizes the start of a project.

The planning phase is where the project solution is developed in as much detail as possible and the steps necessary to meet the project’s objective are planned. In this step, the team identifies all of the work to be done. The project's tasks and resources are identified, along with the strategy for producing them. This is also referred to as “scope management.” A project plan is created outlining the activities, tasks, dependencies and timeframes. Risk assessment and mitigation is also done in this phase.

The execution phase is where the planned solution for the project is implemented. The physical project outputs are assembled in this step. This is often the longest phase of the project life cycle and typically consumes the most energy and resources. Tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information like work performed, costs and issues.

The monitoring and control phase is possibly the most important to ensure project success. This phase happens concurrently with the execution phase. This involves the comparison of the status and progress of the project to the actual plan, ensuring that time schedules, costs and quality are aligned as planned. One of the main parts of this phase is corrective action, which includes changes, defect repair, rework or anything necessary to keep the project on track.

The closure phase indicates the completed project. If a project end seems to be in sight, the closure phase must be prepared, often involving a thorough project review, including what went well, processes that need improving, successes and failures, and what to do differently on the next project. Administrative activities include the archiving of the files and documenting lessons learned. This phase also includes the post-implementation review and project audit.

Project Cost Management is a practice that involves planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget. It seeks to measure and assess project expenses to set a baseline for cost performance and ensure the project can be completed within the financial boundaries set at the start. The basic components of cost management are resource planning, cost estimating, cost budgeting and cost control.

Project Risk Management is the process of identifying, analyzing, and responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Risk management is a proactive process that helps to identify all the potential risks that might impact the project negatively. It includes processes of risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control.

Project Time Management pertains to the effective scheduling and control of time during the project lifespan. This involves the identification of tasks, their durations, dependencies, sequence, and the total time required to complete the project. Techniques such as Gantt charts, Critical Path Method, or Program Evaluation Review Technique can be used for scheduling and tracking. Efficient time management ensures timely completion of the project, preventing breaches of timeline contracts and resultant cost overruns.

Project Human Resource Management involves planning, acquiring, developing, managing, leading, and disbursing the project team. It aims to make the most effective use of the people involved in the project. This includes defining roles and responsibilities, identifying skills required, assigning tasks, and managing conflicts if any, among the team members. Excellent human resource management ensures that the project team collectively works towards the project's successful completion.

Project Communication Management involves creating, collecting, distributing, storing, retrieving, and organizing project information. The objective is to ensure that the right information reaches the right person at the right time, in a format that the recipient can understand. Communication management also includes documenting decisions, actions, and lessons learned from the project. Good communication can significantly benefit a project by avoiding misunderstandings, missteps, and conflicts.