Project Life Cycle: In project management terminology, what is meant by the project life cycle?

Introduction / Context:
Every project passes through a series of phases from beginning to end. These phases provide a structure for governing, planning and controlling the work. The Project Management Body of Knowledge refers to this structure as the project life cycle. It is important to understand how it differs from the product life cycle, the organisational life cycle and detailed task lists. This question focuses on that distinction and checks whether you can correctly describe what the project life cycle represents.

Given Data / Assumptions:
- The topic is Project Life Cycle in the context of project management.
- The answer choices refer to product stages, organisational stages and task lists.
- The correct answer should mention phases from initiation through closing.
- The life cycle is about high level phases, not individual activities.

Concept / Approach:
A project life cycle is a collection of generally sequential and sometimes overlapping phases whose name and number are determined by the management and control needs of the organisation. It typically starts with starting the project, continues through organising and preparing, then carrying out the work, and ends with closing the project. These phases provide a framework so that management can review progress, approve key decisions and control risk. The project life cycle is different from the product life cycle, which covers the market life of the resulting product after the project is done.

Step-by-Step Solution:
Step 1: Recall that the project life cycle covers a project from its start through its end. Step 2: Remember that the phases are linked to governance and control, often labelled as concept, planning, execution and closing. Step 3: Review the options and look for the one that clearly mentions phases from initiation to closing. Step 4: Eliminate options that describe the product life cycle or the organisational life cycle instead. Step 5: Choose the option that defines the project life cycle as a description of project phases across the project duration.
Verification / Alternative check:
A helpful check is to ask whether the description ends when the project delivers its result. For a project life cycle, the end point is the closing of the project. For a product life cycle, the end point is when the product is retired from the market, which is usually much later. The correct option stops at project closing, confirming that it refers to the project life cycle rather than the product life cycle.

Why Other Options Are Wrong:
The option about introduction, growth, maturity and decline describes the product life cycle. The work breakdown structure option confuses the list of activities with the high level phases. The organisational life cycle option refers to the performing company, not to a single project. The option describing a tool for estimating duration is incorrect because the life cycle is a framework, not an estimating tool.

Common Pitfalls:
Students often mix up project and product life cycles, especially when asked about the time after the project closes. Another pitfall is to think that all projects must follow exactly the same phases; in reality, organisations define life cycles that fit their governance needs, so the names may differ. Understanding the flexibility and the purpose of the project life cycle is more important than memorising a rigid list of phase names.

Final Answer:
The project life cycle is a description of the phases that connect the project from initial conceptualisation and initiation through planning, execution, monitoring and controlling, and final closing.