The lifecycle of Project Management can be broken down into distinct phases. Initiation – this phase includes setting the goals and scope of the project depending on the requirements of the stakeholders. It also involves identifying all the said stakeholders and considering the overall feasibility of the project.  Planning – For project managers, the planning phase is at the heart of project management. During this phase, the project plans are documented, the goals of the project determined, and a project schedule is devised. Implementation – The third stage is the execution of the project plan. This is usually the longest stage of the project lifecycle and involves utilising the documentation, schedule, and plans established at the planning stage to see the project through to a successful conclusion. Monitoring – This is carried out on an ongoing basis throughout the implementation phase. The object is to ensure that the project remains on schedule within budget and that corrective action is used to counteract unforeseen risks and circumstances that hinder the successful outcome.  Closing – The closing stage is the final phase of a Project Management Lifecycle. Responsibilities during this phase include:  Passing the project deliverable to the client/sponsor Cancelling supplier contracts Releasing staff and equipment Handing over documentation to the project owners Releasing equipment and personnel