Understanding the Four Stages of the Project Lifecycle

Bill Carmody explains the four stages of a product lifecycle: initiation, planning, execution, and closure. Each stage is crucial for the success of a project. Initiation involves understanding the project's purpose, planning ensures objectives are clear, execution focuses on implementing plans, and closure involves evaluating outcomes. The lifecycle is a repeatable process that fosters continuous learning and improvement, enhancing project efficiency and effectiveness within an organization.

Describe the execution phase and its significance.

What does the closure phase involve and why is it important?