Every project moves through the project life cycle. The project life cycle is a basic framework that Project Managers and teams use to effectively structure projects and set them up for success.
Within the project life cycle are a handful of different phases—or collections of logically related project activities that culminates in the completion of one or more deliverables.

Project Management Book of Knowledge produced by the PMI defines project life cycle as the series of phases a project passes through from conception to completion. The typical project management life cycle consists of five phases: initiation, planning, execution, monitoring, and closure. (pmi.org)