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Define Project Lifecycle

Project Lifecycle: It is a seven stage process via which practically every major project goes via: (A) Identification: stage where one project-idea out of a number of alternatives is selected and stated. (B) Preparation: stated idea is cautiously developed to the appraisal phase. (C) Appraisal: each and every aspect of the project idea is subjected to methodical and comprehensive assessment, and a project plan is ready. (D) Presentation: full plan is submitted for authorization and financing to the suitable entities. (E) Implementation: with essential approvals and financing in place, the project plan is applied. (F) Monitoring: at each and every phase the progress of the project is evaluated against the plan. (G) Evaluation: upon completion the project is re-evaluated in terms of its effectiveness and performance.

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