Why is project management crucial in todays world and Identify the different stages of a project life cycle and discuss? Project

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Why is project management crucial in todays world and Identify the different stages of a project life cycle and discuss?

Project management is crucial because it allows the business to operate accordingly. It enables leadership to direct and control the projects. Leadership motivates the workers to do their best work. Project management also allows for budget control and helping the teams to focus on finishing their required tasks at hand.

The project life cycle is a step by step method to ensuring a project is finished from beginning to end. 

The first step is Initiating. This is one of the crucial steps. Initiating explains the purpose of the project and why it needs to be completed. It identifies the project scope, proposal, budget, roles, time constraints, and the involvement of stakeholders. 

The second step is Planning. This explains "why" the project needs to be completed. It establishes milestones, scheduling, change processes, and managing risks.

The third step is Executing. Executing consists of managing the budget, mitigating risk, accepting change requests, and tracking progress. This stage is also crucial in motivating the team members to achieve the set project goals.  

The final step is Closing. This is the completion step of the cycle. The finished project is turned over to its new owners. An assessment is done of pros and cons that can be used on future projects.