5 Phases of the Project Life Cycle: How Agile & Waterfall Teams Approach Each Stage

In Project Management, understanding the structure and flow of a project is critical to achieving success. One foundational concept every project manager should master is the Project Life Cycle. This model outlines the distinct phases a project passes through from beginning to end, serving as a roadmap for both planning and execution.

Two of the most widely adopted approaches to managing the project life cycle are Agile and Waterfall. Each offers a unique methodology that aligns with specific team dynamics, project types, and organizational goals. At TaskFord, we’ve built our platform to support teams across both methodologies, giving project leaders the tools they need to succeed at every stage.

In this article, we’ll explore the five core phases of the project life cycle, explain how Agile and Waterfall teams approach them, and show how TaskFord’s project management tool can simplify and enhance the process.

What Is the Project Life Cycle?

Understanding the structure behind a project's progression is key to managing time, resources, and expectations effectively. The project life cycle provides a proven framework that guides teams from idea to completion, no matter the industry or methodology.

Overview of the Project Life Cycle in Project Management

The project life cycle acts as a foundational model for structured project execution. By segmenting a project into defined phases, teams gain greater control over each element of the work, resources, budget, timeline, and deliverables. This framework also helps stakeholders understand project status, priorities, and progress, creating alignment from start to finish.

Each phase builds on the previous one, enabling project managers to adapt and refine strategies as the project evolves. While the five-phase structure - Initiation, Planning, Execution, Monitoring and Controlling, and Closure - is consistent across industries, the way teams approach and navigate these phases may differ significantly depending on the chosen methodology.

These stages help standardize project delivery, provide clear checkpoints, and ensure accountability. In fact, a study published in the International Journal of Project Management highlights that structured life cycle models significantly contribute to project success by promoting clearer communication, better resource utilization, and improved risk mitigation across teams (Turner, J. R. (2016),International Journal of Project Management). This evidence underscores the life cycle's role not just as a theoretical model but as a practical tool for delivering results.

Who Manages the Project Life Cycle?

The responsibility typically falls to a project manager or scrum master, depending on the methodology. These professionals guide the team through each phase, making informed decisions, coordinating stakeholders, and adapting as challenges arise. Their role demands a deep understanding of both technical execution and interpersonal communication to keep projects aligned with business goals. In Agile frameworks, scrum masters facilitate daily standups and sprint reviews, while in traditional Waterfall environments, project managers focus on tracking progress against fixed milestones and deliverables.

The 5 Phases of the Project Life Cycle

The following five phases represent a structured approach to managing any project from beginning to end. These phases help teams maintain focus, align on objectives, and measure success at every milestone.

1. Project Initiation Phase

The initiation phase is where the project is formally defined, and its feasibility is evaluated. This phase is critical for establishing the project’s overall goals, objectives, and alignment with business strategy. The primary objective here is to get approval and authorization to proceed with the project.

Example: A hospital is considering the development of a new patient management system. During the initiation phase, the project team conducts a feasibility study, analyzing factors like cost, technology, and stakeholder needs. A project charter is created, outlining the objectives, timeline, and expected deliverables, and it is presented to the hospital's board of directors for approval.

2. Project Planning Phase

Once the project is approved, the planning phase kicks off. This is where the project manager and team create a detailed roadmap that will guide the entire project to completion. Planning is one of the most crucial phases as it sets the foundation for how resources will be allocated, risks will be managed, and timelines will be adhered to.

Example: In the development of the patient management system, the project team breaks down the major tasks such as requirements gathering, system design, development, testing, and deployment. A Gantt chart is created to outline deadlines for each phase, and resources are assigned accordingly. A risk management plan is also put in place to address potential challenges, such as data security concerns or integration issues with existing systems.

3. Project Execution Phase

The execution phase is where the actual work of the project is carried out. The project manager's role is to manage teams, allocate resources, resolve issues, and keep the project moving forward in line with the project plan. Communication and coordination become key to ensuring that deliverables are produced as planned.

Example: The team working on the patient management system begins coding the software. The development team writes the backend code for patient data storage and management, while the design team works on the user interface. Regular meetings are held to ensure that everyone is on track, and quality checks are conducted to ensure compliance with healthcare data regulations.

4. Project Monitoring and Controlling Phase

Monitoring and controlling an ongoing phase that runs parallel to the execution phase. It involves tracking project performance, identifying potential deviations from the plan, and making necessary adjustments to ensure the project stays on track.

Example: During the development of the patient management system, the project manager notices that a vendor is delayed in providing a crucial software component. The project manager works with the vendor to expedite the delivery, adjusts the project timeline, and communicates the changes to all stakeholders. Regular project status meetings are held to review progress and resolve issues before they become major roadblocks.

5. Project Closing Phase

Once all project deliverables are completed and accepted by the stakeholders, the project enters the closing phase. This is the final phase where all loose ends are tied up, and the project is formally concluded.

Example: Once the patient management system is fully developed and tested, it is deployed to the hospital’s IT infrastructure. A final project report is prepared, detailing the budget, timeline, and any issues that arose during the project. The team holds a retrospective meeting to discuss what went well and what could have been improved. All project documents are archived, and knowledge transfer is completed to ensure the hospital’s IT team can maintain the system moving forward.

How Agile & Waterfall Teams Approach Each Stage in the Project Life Cycle

While both Agile and Waterfall follow the same core phases, their execution is vastly different. Explore more in this guide on Agile Project Management vs Waterfall to determine which method, or blend, suits your project needs.

How TaskFord Helps Manage the Project Life Cycle

TaskFord is built to support teams at every stage of the project life cycle, whether you follow Agile, Waterfall, or a hybrid approach. Its flexible feature set allows project managers to tailor workflows based on project complexity, timeline, and team structure.

For Agile project life cycle teams: 

TaskFord offers dynamic Kanban boards, sprint backlogs, and real-time collaboration tools that make it easy to prioritize tasks, track progress, and adapt to change. Agile users can manage iterative delivery cycles with built-in retrospectives and velocity tracking to continuously improve performance.

For teams practicing Waterfall project management:

TaskFord provides robust Gantt charts, milestone tracking, and resource planning tools. These features ensure linear progress with clear dependencies, scheduled deadlines, and full visibility into each phase, from initiation to closure.

Need the best of both worlds? 

TaskFord supports hybrid project management through customizable templates that combine iterative workflows with fixed planning. Whether you're running a traditional rollout with Agile development cycles or managing complex programs with parallel streams, TaskFord gives you the flexibility to choose what works best.

Conclusion

Mastering the Project Life Cycle is essential for project managers, whether they follow Agile or Waterfall practices. Each methodology has unique strengths that align with different types of work and organizational needs.

With TaskFord, you’re equipped to manage every phase with clarity, flexibility, and precision. From initiating a project to closing it with confidence, TaskFord supports your workflow, no matter the methodology.

Explore more insights in our Agile Project Management and Project Management Guide.