– Sequence of analytical phases through which a project pass is called Project cycle.

– As per the Baum (1978) , project can be uvided into the following stages :

a) Identification

b) Preparation and Analysis

c) Appraisal

d) Implementation

e) Monitoring and evaluation

a) Identification :-

– To find new areas where investments can be done. It includes the following steps :

I) Site selection

ii) Identify problem

iii) Formation of multi disciplinary team

iv) Listing of problems

v) Prioritizing the problems

vi) Screening the best alternative.

b) Preparation and analysis :-

– whether the project is worth or not.

– careful review of project before implementation

-Feasibility study to analyses financial and economical status.

c) Appraisal :-

– Re-examine every aspect of the project before investment.

– If sound , investment may be proceed ,if not , alter the project plan or develop new plan altogether.

d) Implementation :-

– Plan must be realistic and flexible for implementation.

-Refinement or earning from experience.

– It includes :-

I) Investment period (3-5 yrs)

ii) Development period (3-5 yrs)

iii) Full development period.

e) Monitoring :-

– Whether the project is carried out in the direction of objective set earlier.

– Crucial for stopping, moderation or continuation of project.

f) Evaluation :-

– Takes place several times in the project.

– takes place when project is in trouble.

– May be internal or external.

– Post evaluation  is done when the project is terminated.