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Every project has a certain lifecycle. PM² doesn't leave that to chance: it structures the project's timeline into four clear, sequential phases — the second pillar of the methodology, the Lifecycle.
In our previous article we looked at PM²'s Governance Model – the roles and responsibilities that hold a project organisation together. The Lifecycle completes the picture: if Governance tells you who does what, the Lifecycle tells you when.
The four PM² phases, with Monitor & Control running throughout. Source: PM² Alliance.
Four Phases – One Clear Path Forward
PM² defines four sequential, non-overlapping phases:
1. Initiating
The project takes shape. Based on the Project Initiation Request the Business Case is established and stakeholders identified. The output of the initiating phase is the Project Charter. This phase answers the following question: Should we do the project, and why?
2. Planning
Based on the Business Case the project plan - consisting of Project Hanbook and Work Plan - is defined. The former considers project management and latter project work structure with schedule and cost estimates. The phase ends with approval to begin execution. It answers: How will the project be executed?
3. Executing
The actual project work happens in this phase according to the project plan and requestor's requirements, producing the deliverables. At the end of the phase deliverables need to be ready and accepted.
4. Closing
The project is brought to a controlled end: lessons learned are documented, deliverables are accepted, and resources are released. A distinct closing phase is a reminder that wrapping up is itself a piece of work.
Monitor & Control – an Ongoing Process
In PM², Monitor & Control is not a fifth phase but a set of activities running throughout the entire project — covering change management, risk monitoring and quality assurance across all four phases.
Phase Gates: Three Checkpoints
Movement between phases happens through Phase Gates. PM² defines three of them:
- Ready for Planning (RfP) – Initiating is completed
- Ready for Executing (RfE) – the plans are approved
- Ready for Closing (RfC) – execution is completed and the project can be closed
The formality of a gate can vary — a major programme might require a formal approval by the board, while a smaller project might use a simple self-assessment checklist. What matters is that a project doesn't move forward until the objectives of the current phase have actually been met.
Why the Lifecycle Matters in EU-Funded Projects
In EU-funded projects — such as those under ERDF, ESF+ and JTF programmes — managing the lifecycle is directly tied to reporting obligations and payment claims. Clear, documented phases make it:
- easier to allocate costs to the correct reporting period,
- simpler to demonstrate progress to the funding authority, and
- natural to align mid-term evaluations with phase transitions.
The PM² Lifecycle isn't bureaucratic overhead — it's a structure that makes managing EU-funded projects clearer for both the project team and the funding body.
The Pillars of PM² – Article Series
This article is part of a series covering the pillars of the PM² Methodology:
- Governance Model → read article
- Project Lifecycle ← you are here
- Processes – coming soon
- Project Artefacts – coming soon
As a separate but maybe most important issue we will also handle the Mindsets – coming soon
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