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.

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

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