A project is a temporary and goal-oriented undertaking designed to create a unique product, service, or result. Unlike routine operations, which are ongoing and repetitive, a project has a clearly defined beginning and end, specific objectives, and constraints related to time, cost, scope, and quality. The nature of a project is therefore characterized by uniqueness, temporariness, and progressive elaboration. Each project is undertaken to meet a particular need or solve a specific problem, such as constructing a building, developing a new product, implementing an information system, or launching a marketing campaign. Projects require the coordinated efforts of people with different skills and are executed within an organizational, economic, and technological environment that influences their planning and execution. One important aspect of the nature of a project is its uncertainty and risk. Since a project involves doing something that has not been done in exactly the same way before, there is always a degree of uncertainty regarding outcomes, resources, costs, and timelines. This uncertainty necessitates careful planning, continuous monitoring, and effective control mechanisms. Projects also involve interrelated activities, meaning that a delay or failure in one activity can affect the entire project. Because of this interdependence, project management emphasizes coordination, communication, and integration across different functions and stakeholders. Additionally, projects consume resources such as capital, labor, materials, and technology, making them closely linked with capital investment and financing decisions, especially in large-scale or long-term projects. The concept of the Project Life Cycle provides a structured way to understand and manage a project from its inception to its completion. The project life cycle represents the sequence of phases that a project passes through, each phase having specific objectives, deliverables, and management priorities. While the exact number and names of phases may vary depending on the nature of the project and the organization, the life cycle generally includes initiation, planning, execution, monitoring and control, and closure. Understanding the project life cycle helps managers allocate resources effectively, assess risks at different stages, and make informed decisions regarding continuation, modification, or termination of the project. The initiation phase marks the formal beginning of the project. During this phase, the need for the project is identified, and its feasibility is assessed in terms of technical, economic, and financial aspects. A preliminary analysis is conducted to determine whether the project aligns with organizational goals and whether the expected benefits justify the required investment. Key stakeholders are identified, and a project charter or similar document is prepared, outlining the project objectives, scope, assumptions, constraints, and authority of the project manager. Decisions made at this stage are crucial, as they set the overall direction of the project and influence its success. The planning phase is concerned with developing a detailed roadmap for achieving the project objectives. This phase involves defining the scope of work, breaking the project into manageable activities, estimating time and costs, scheduling tasks, and identifying required resources. Risk identification