Now that we know the project lifecycle and the four major project phases, it is time to take a look at a real-life example to understand the concept better. Let’s use the construction of a house as an example.

(i) Project Initiation
In the initiation phase, we need to get a rough idea of how long it will take to make, how much it will cost, and the effect it will have. 

For example, if the CEO of a company comes up with the idea of building a new commercial premises, the stakeholders involved will go through the process of approving this concept first. They will study and examine the feasibility study as well as all concerns, questions, and recommendations. At this point, the team will agree whether they will indeed build a commercial premises or scrap the idea altogether.

(ii) Project Planning
The project manager will start breaking down all the work involved, identifying the required manpower and material resources, mapping out project timelines, and detailing the budget. Part of the planning phase is appointing all the different contractors and third-party companies involved in the building construction. 

(iii) Execution
In this stage, all the tasks outlined in the plan are carried out. The project manager has to ensure that all the required tasks and deliverables are performed on time and on budget. There are several factors, whether natural or man-made, that can affect the progress of a project. When this happens, the project manager must be able to adjust and adapt to these changes with the minimum impact possible on the cost and timeline.

(iv) Project Closure
The closing phase is the final stage of the project management life cycle. Once all the tasks are completed and the project is finalised, the last step is to properly close the project. During this point, the project management team must prepare and handover all the required project documentation including contracts, final costs, and any relevant paperwork. Project managers must also ensure that all supplier and third-party contracts are resolved and all final payments are processed.