What does the term "project life cycle" refer to?

The term "project life cycle" refers specifically to the series of stages that a project goes through, starting from its initiation and continuing through its various phases until its closure. This concept is integral to project management as it outlines the framework that guides the project's development and ensures that all necessary tasks are completed in an organized and efficient manner.

In detail, the project life cycle typically includes distinct phases such as initiation, planning, execution, monitoring and controlling, and closure. Each stage has specific objectives and deliverables that contribute to the project's success. Understanding this life cycle allows project managers to effectively allocate resources, manage risks, and ensure stakeholder expectations are met throughout the project's duration.

The other options, while related to project management, do not accurately capture the full scope of what the project life cycle entails. The duration of a project is just one aspect of the overall life cycle, focusing solely on time without considering the structured phases. The financial life of a project pertains more to budgeting and financial planning rather than the stages of progress. Lastly, the number of people involved in the project is relevant to project staffing and team dynamics but does not represent the sequential nature of the project activities outlined in the life cycle.