Describe the activities that occur at each stage of a project.

Stages in a project's development are referred to as the project life cycle, which consists of conceptualization, planning, execution, and termination. In the conceptualization stage the scope of the work is determined, necessary resources are identified, and important organizational stakeholders signed on. In the planning stage all detailed specifications, schematics, schedules, and other plans are developed. Individual pieces of the project are broken down, individual assignments are made, and the process for completion is delineated. During the execution phase the system is developed or the product is created and fabricated. Termination occurs when the completed project is transferred to the customer, the project's resources are reassigned, and the project is formally closed out.