Project phases are the real construct of a Project Life Cycle. Phases are generally arranged sequentially so that the output of one phase acts as input to the next phase.
Impacts on cost, resources, time to make change and risks vary from one phase to other – usually cost & resources are high at start and decreases toward the closure; time to make a change is low at start and increases towards closure; risk of failing during starting phases are high but it becomes better as time moves (even some projects got closed after execution of first few phases).
Characteristics of Project Phases:
*The completion and approval of one or more deliverables characterizes a project phase.
*A deliverable is a measurable, verifiable work product such as a specification, feasibility study report, detailed design document, or working prototype.
*The deliverables, and hence the phases, are part of a generally sequential process designed to ensure proper control of the project and to attain the desired product or service, which is the objective of the project.