project cycle

Definition

Seven stage process through which practically every major project goes through: (1) Identification: stage where one project-idea out of several alternatives is chosen and defined. (2) Preparation: defined idea is carefully developed to the appraisal stage. (3) Appraisal: every aspect of the project idea is subjected to systematic and comprehensive evaluation, and a project plan is prepared. (4) Presentation: detailed plan is submitted for approval and financing to the appropriate entities. (5) Implementation: with necessary approvals and financing in place, the project plan is implemented. (6) Monitoring: at every stage the progress of the project is assessed against the plan. (7) Evaluation: upon completion the project is reassessed in terms of its efficiency and performance. Also called project life cycle.