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The Project Life Cycle is the sum of the lead times on the entire project, in other words, the project from start to finish.
Project Phases are the individual "steps" or portions that make up the project life cycle. (Final Assembly, Sub-Assembly etc.)
The project life cycle = The complete project phases
The project life cycle defines the phases that connect the beginning of a project to the end of the project.
The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Birth phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize resources for each activity, and also objectively measure achievement of goals and justify their decisions to move ahead, correct, or terminate. It is of great importance to organize project phases into industry-specific project cycles. Why? Not only because each industry sector involves specific requirements, tasks, and procedures when it comes to projects, but also because different industry sectors have different needs for life cycle management methodology. And paying close attention to such details is the difference between doing things well and excelling as project managers.
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Life cycle is collection of phase, one project is expected to have multiple phases else they do not get value from life cycle for managing projects progress and focus.
As per Me , There are different steps while completing A Project , These steps are the phases , which are covered one by one , At the end , these all steps or phases Make A Cycle.
Moreover , When a cycle is completed , we can Graph all the phases involved in it at each and every point either we can initiate any single phase at whatever point we want .
Dear Alex , its only according to My Knowledge , Correction is always needed !
Good Luck !
Projet life cycle is the series of project phases that a project passes through from it's initiation to its closure. as PMBOK fifth edition Page38 Chapter2
so Project life cycle consists of multiple project phases in which each phase has its own life cycle starting from phase initiation up to phase closure.
