The five phases of the construction project lifecycle are:
Project Initiation and Conception
Project Planning and Definition
Project Execution and Launch
Project Performance
Project Close

1. Project Initiation And Conception
Like with all things, the first step to the construction life cycle is merely to begin. This may sound simple, but it is usually far from it. It is easy to come into a project with an idea. Translating that idea into actionable items requires a dedicated project team – the project will require input from each side.
Time is also of the essence. If there is a project idea in mind, it is best to immediately uncover the details rather than later set the stage for a successful project. If you are not sure when and where to begin, a feasibility test allows you to examine the project’s scope and goals and determine how realistic the project itself is.

2. Project Planning And Definition
Once the team or the feasibility test determines whether a project is worth undertaking, then the second step is the project's actual planning. In this phase, the project should be developed alongside its objectives and goals.
The planning stage may be the most critical, as it sets the foundation of the entire project. At this point in the project, your team will be tasked to define the project itself, identify timelines and uncover the project's scope from beginning to end.
It is essential not to forget the budget. The planning stage is where the budget is estimated, outlined and approved. A project team must dedicate the right time to the budget plan. It is often the most time-consuming phase in the entire project but ultimately establishes whether a project will succeed or fail.

3. Project Execution And Launch
Now is time for the most exciting phase of the construction life cycle – the project implementation. At this stage, all of the project planning and scoping is put to the test. Organizations and project teams need to ensure that their teams are on the same page, as any slight mistake in this phase can be damaging down the road.
Progress reports along the way will allow organizations to keep tabs on each part of the project, allowing project leads to make necessary adjustments along the way.

4. Project Performance
Once the project has begun in earnest comes the project performance and monitoring stage. In this stage, the project's performance is measured to ensure that it is running on schedule and within budget.
This phase requires daily supervision and a dedicated team of project and construction managers to track progress. Their job is to ensure that initial plans are up to snuff and to make any ongoing adjustments as needed. Information is vital in this stage, and it is up to the project leaders to maintain project alignment.

5. Project Close
To wrap up the construction project life cycle is the closing or completion phase.
This is the phase the project has led to, where project leaders must be ready to offer deliverables to their clients or present a completed construction project. Project leaders take on even greater responsibility during this stage, as they must finalize each aspect of the construction process, from scheduling to budget to final touches on the building or construction site itself.
Once the final inspections have been made, and the project leader has approved the close, the project must be approved by the client or site owner. Once the client accepts, the project concludes.