A project has a beginning and an end and passes through several phases of development known as life cycle phases. Every project has certain phases of development. A clear understanding of these phases allows managers and executives to maintain control of the project more efficiently.These phases are varied depending upon the industry involved but all follow the same basic steps.   How Important is Project Life Cycle:: 1. This is a tried and tested method for delivering projects on time, within budget and to the expected quality targets. 2. Aids communication and helps define roles within the project organisation as it provides a framework for the project that is visible and understood by all members of the project. 3. The project lifecycle will allow the project manager to link progress directly to each phase and recognise the completion of each phase 4. The phases within the project lifecycle provide an understanding of the evolution of the project, being able to identify areas that need greater attention at different times such as risk management in the early stages and more Project Evaluation Reviews during the Implementation stage. 5. At each stage, approval is generally required from outside the project team before proceeding to the next stage. 6. The project life cycle also allows for the gate procedure to be used. 7. At each stage, approval is generally required from outside the project team before proceeding to the next stage.