What is meant by 'project lifecycle' in the context of GFEBS?

In the context of GFEBS, the term 'project lifecycle' refers to the various stages a project goes through from inception to completion. This encompasses all phases, including project initiation, planning, execution, monitoring and controlling, and closure. Each stage has its significant activities and deliverables, contributing to the overall success of a project. Understanding the full lifecycle allows project managers and teams to ensure that all necessary steps are taken to meet objectives and achieve outcomes defined in the project plan.

Focusing solely on just the planning phase, approval processes, or activities during execution would provide an incomplete understanding of the comprehensive nature of project management and fail to recognize the importance of each phase in achieving a successful project outcome.