Every project goes through various stages, from initiation to closure. Understanding and effectively managing these phases directly impacts the project's performance. When a project is defined and planned well during the initiation and planning stages, it sets a strong foundation for the project's execution. It helps in proper allocation and control of resources, including the project budget, which is critical to the success of the project. Mismanagement or overlooking any of these phases can lead to scope creep, cost overruns, delays, or even project failure. Therefore, a clear understanding of each project phase is essential for successful project management.