Regardless of size or scope, all projects follow a similar Lifecycle which need to be managed efficiently: Stage 1: Project Conception and Initiation - an idea becomes a business plan, complete with goals, project charters, and stakeholders. Stage 2: Project Planning - project manager develops a detailed plan with S.M.A.R.T. goals. Stage 3&4: Project Execution+Project Monitoring - project managers establish workflows, assign tasks to team members, and ensure that everyone is on track with KPIs Stage 5: Project Closure - hand over the deliverables to sponsor and disband the team