Most business projects follow a structured project lifecycle comprising several phases:
1. Initiation: Defining the project scope, objectives, and stakeholders. 2. Planning: Developing a detailed project plan, including timelines, budgets, and risk management strategies. 3. Execution: Implementing the project plan and coordinating resources to achieve project goals. 4. Monitoring and Controlling: Tracking progress, managing changes, and ensuring the project stays on track. 5. Closure: Finalizing all project activities, evaluating outcomes, and documenting lessons learned.