Projects are one of crucial factors which contributes change and improvement of world. No matter whether goal is to split the atom, introduce new Windows software, constructing one more Trump Tower at another country, or organize next Formula games, good designed project and effective management of it can turn scary ideas to the great achievements. For instance, Apple’s development of IPod or IPad tablets was just an idea or intention at the beginning, however when realizing todays success of Apple, it becomes certain that due to effective planning, control and implementation, IPod and IPad are incredibly popular products and main contributors to the firm’s profit. For this reason, nowadays big corporations have developed and committed themselves to project management as a competitive tool. Nevertheless, according to statistics software and hardware projects fail are at the rate of 65% (Pinto,J K. (2012). Project management: Achieving the Competitive Advantage (3rd ed.).Upper Saddle River, NJ: Prentice Hall.) which proves that despite being an essential part of business, without clear understanding and implementation of project management stages, firms can end up with failure. Hence, all those steps can assist any manager and his/her team to build clear vision, keep project’s objective in order to finish it on time with limited budget and minimum headaches.

Particularly, project management life cycle consists of several stages which are initiation, planning, execution, monitoring/control and closure. None of them is more significant compared to the rest and each step plays a great role in getting the desired result. In the initiation step, an

overview to the strategy is developed which is intended to be used in achieving to final goal. This phase also includes research about whether to undertake the project and analyze its feasibility. "The Five Steps of The Project Management Life Cycle." Brighthub Project Management. N.p., 2015. Web. Secondly, at the planning stage a detailed breakdown and assignment of each task of the project from beginning to end were defined which may also include a risk assessment additionally to identify the major elements such as scope cost and time for the successful completion. When it comes to the project management cycle, execution and control are one of the most important five steps in terms of ensuring proper monitor of project. During this phases, the planned solution is implemented to solve the problem specified in the project's requirements. "Demystifying the 5 Phases of Project Management."Smartsheet. N.p., 2016. Web. At the final step, project manager is tweaking the little things to be sure that the project is brought to its proper conclusion. Mainly this phase represent complete project and once it is finished, manager may hold meeting in order to evaluate difficulties and identify project failures for understanding how they can be turned into advantage for the projects.

Although project management plays a crucial role in business development and getting competitive advantages, without clear understanding of implementation of various stages, the scary but at the same time great ideas will continue to be as ideas and part of horror movie.

"The Five Steps of The Project Management Life Cycle." Brighthub Project Management. N.p., retrieved from. http://www.brighthubpm.com/monitoring-projects/1907-successfully-guide-your- projects-to-completion-with-the-pm-life-cycle/
"Demystifying the 5 Phases of Project Management."Smartsheet. N.p., 2016. Web retrieved from https://www.smartsheet.com/blog/demystifying-5-phases-project-management