The Project Life Cycle. The project life cycle consists of four phases, initiation, planning, execution (including monitoring and controlling) and evaluation. The MPMM Project Management Methodology is an excellent resource for this part of the Unit.he Project Life Cycle. The project life cycle consists of four phases, initiation, planning, execution (including monitoring and controlling) and evaluation. The MPMM Project Management Methodology is an excellent resource for this part of the Unit.