Can you explain project life cycle?

A project has distinct phases when the range of activities required to carry out the project work differ. There is a distinct “start” phase, followed by an organizing and preparing phase. “Carrying out” is the actual execution part of the project. “Closing” phase makes sure the temporary activities related to the project are closed systematically. The points in time when the phase changes happen are named variously as phase gate, exits, milestones or kill points. If a project is to be closed, it is decided at these stages based on the performance or if the need of the project has disappeared.