^ [[3 Overview of the PM2 Methodology]]
# 3.2 The PM2 Lifecycle
The PM2 project lifecycle has **four phases** with a **different type of activity predominant in each phase** (i.e. initiating activities are predominant in the Initiating Phase, etc.). However, while phase-related activities peak in terms of effort during a specific phase, activities of this type **can also be executed during neighbouring phase(s)** (e.g. planning activities are also repeated in the Executing Phase).
A project moves on to the next phase when the goals of its current phase have been deemed achieved as the results of a formal (or less formal) phase-exit review.
![[Fig 3.2 The PM2 project lifecycle - indicative phase overlapping and cumulative effort.png]]
The focus of a project **shifts** from initiating and planning activities in the beginning to executing, monitoring and controlling activities in the middle and acceptance, transitioning and closing activities at the end.
**Inexperienced project teams** sometimes **underestimate** the **importance of the work done in the initial project phases** and start working on deliverables that are inadequately defined or planned. This results in the delivery of outputs, which are of **poor quality** and of little value to end-users. This is a common and costly mistake, which is often the root cause of overall project failure and the failure to realise the project’s intended benefits.
![[Table 3.2 - Project Phases.png]]
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Spanish Guide: [[3.2 El Ciclo de Vida PM2]]
<-- [[3.1 The House of PM2]]
--> [[3.2.1 Initiating Phase]]
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