Summarize each phase of the project lifecycle

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// Project management is a crucial tool for every business organization that helps the organizations to plan and control the project activities and ensure objectives and goals are achieved on time and within budget or not. Thus, the following section defines the project and project management.//
Project is the most important part of an organization consisting of a specific set of operations designed to accomplish a single goal. A project is a set of activities that have a specific start time and specific end-time. A project is planned to achieve desired objectives within definite time, cost and schedule parameters. Project management is an organized and planned effort that is made for the successful project accomplishment (Levy, 2009). Project management is that field of management which includes planning, directing, motivating, execution, monitoring, supervision and controlling the project activities so that the project goals and objectives are achieved within previously set time, cost, quality and scope parameters. According to Project Management Body of Knowledge (PMBOK), project management falls into five groups such as initiating, planning, executing, monitoring and controlling, and closing (Sheid & McDonough, 2010). These five groups of PMBOK summarize the essential skills and competencies that must be achieved to secure the effective use of project resources.
//This sections present the overview of the five phases of project process groups and analyze the ways by which each phase could support the organizations' business strategy.//
These five essential project management process group are as follows:
Project Initiating Process Group- According to PMBOK, the initiating process group includes activities, processes and skills that are important to define a new project or phase effectively at the beginning of a project. It is necessary to define a project using two processes called a project charter and identifying the stakeholders (Sheid & McDonough, 2010). A project charter is a document that contains the overview of the project and project's vision, and it provides the written authority to the manager to start the work. Inputs such as business case, project statement of work, organizational process assets and enterprise environment factor are required to develop the project charter. Project charter includes some components such as project goal, stakeholder's list, project requirements, assigned project manager, budget and constraints. Identifying stakeholders is a knowledge area, ...