The project management methodologies used in the world are definitions of project management processes aimed at standardizing and improving the quality of the project management life cycle. The quality of projects can be defined in terms of how well they are managed, relevance of investment impacts, feasibility and effectiveness. A project management methodology consists of process groups and control systems. The aim of the project management methodology is to regulate the project cycle structure and to define not only the content of all phases, but also how best to implement each phase.
Typically, all project management methodologies imply a flow similar to the “Plan-Do-Check-Act” cycle, where the outcome of one phase should be the input of another. However, the understanding that defines the phases of a project should be subjective and often dependent on institutional procedures. Each project management methodology approach should naturally include clearly defined phases from another working stage that includes various transfer titles such as reports or documents and should incorporate transitions in these stages.
The term "project" used in this toolkit should be interpreted as broadly as possible, including sector planning. The project term is primarily used for convenience and refers to the collection of related activities through which a contribution is made to achieve a specific goal. Various project management methodologies have been adopted by many institutions, such as the Asian Development Bank, the World Bank, the European Commission, and national governments. In particular, the European Commission has prepared a guide for "Project Cycle Management," which is recognized as one of the systems for project development, financing, and evaluation by the Commission and later by other development partners.
Project cycle management keeps projects and the project within the policy objectives of the initiating organization. It also helps ensure that projects remain relevant to the agreed-upon strategy along with stakeholder and customer needs. Project cycle management ensures the feasibility of the project itself. Through cycle management, projects avoid wasting valuable resources by realistically deciding whether they can be implemented and whether they are valuable before execution, while also noting whether the benefits of the project are sustainable. To accomplish all this, participation from stakeholders is required in project cycle management. Project cycle management defines the structure of the different stages of project management, including the activities and tools to be carried out and implemented at each phase.
Each phase is focused on defining the processes to be used and ensuring that decision-makers make the right decisions. At the same time, it requires the use of the logical framework approach and other tools to support the process. This method includes quality assessment criteria and documentation for each phase of the project. As a result, the main purpose of this methodology is to divide the overall workload into smaller, more manageable chunks, making it easier to manage and monitor. This enables the project to fit better into the schedule, stay within budget, and follow quality guidelines. One thing we know for sure about projects is that "there is never a one-size-fits-all solution". Therefore, project managers and teams use the most appropriate project management approach for each project. With project cycle management, the approach requests desired by managers can be met.

How Many Phases Does Project Cycle Management Consist Of?

When it comes to project cycle management, I can mention the five fundamental phases of the project cycle. These are: "Programming, Identification, Formulation, Implementation, and Evaluation". When regarding the World Bank, the phases will similarly be: Identification, Preparation, Evaluation, Approval, Implementation, Completion, Evaluation. The World Bank has a few more phases and emphasizes certain aspects of project management phases depending on importance. For example, the World Bank's "Completion" phase may be found in the cycle's "Implementation" phase. In addition to these methodological procedure differences, the project cycle management approach is built around the concept of carefully planned phases that logically lead from one to another with evaluation and verification mechanisms.
A common analytical and management tool widely used in many project management methodologies, and also by project cycle management, is the logical framework prepared for each project to show the intervention logic as it gradually develops across various phases. The Logical Framework Approach is designed to make projects more effective in achieving development goals, including developing and ordering projects, generating sustainable benefits. This approach is used by most governments, multilateral and bilateral aid agencies, and international civil society organizations.
It is the essential tool used for project design in the identification and formulation phases of the project cycle. The use of the logical framework approach during the identification phase helps ensure that project ideas are relevant, while during the formulation phase, it helps ensure feasibility and sustainability. However, it should not replace experience and professional judgment and should be complemented by other specialized tools such as economic and financial analysis and environmental impact assessments, along with the implementation of techniques that promote effective stakeholder participation.
Four key principles have been identified by project cycle management practitioners to enhance decision-making and the quality of decisions at all stages of the project cycle. These core principles considered in terms of sector development are:
● Projects support inclusive sector policy objectives.
● Projects are related to an agreed strategy and the actual problems of target groups/beneficiaries.
● Projects are viable. This means they can realistically be achieved within the constraints of the target objectives, the working environment, budget, and the capacities of the implementing organization.
● There is a likelihood of sustainability of the benefits provided by projects.
These four core principles are important criteria for project quality and should provide information to managers and consultants regarding their decisions at all stages of the project cycle, not just during the planning phase, but whenever changes and lessons learned are indicated.
Special importance should be attached to the "sustainability" principle in project cycle management. To encourage the sustainability of the benefits obtained, careful analysis of the other three principles is essential. Sustainability is, in fact, a sensitive issue dependent on consistency with inclusive sector policy objectives, ownership, adaptation to the needs and capacities of target groups, and realistic feasibility assessments. To support the achievement of these objectives, project cycle management;
● Requires active participation from key stakeholders and aims to promote local ownership,
● Uses the Logical Framework Approach and other tools to support a number of essential evaluations,
● Incorporates key quality assessment criteria into each phase of the project cycle,
● Requires the production of quality key documents using widely understood concepts and definitions at each phase to support well-informed decision-making.

What Are the Phases of Project Cycle Management?

Project cycle management includes several key phases such as programming and identification.
Phase 1: Programming
This is the "negotiation" phase at the very beginning of project cycle management, during which situations are analyzed to identify problems, constraints, and opportunities. The goals are clarified to enable the project cycle manager to identify suitable project ideas and estimate a budget.
An example activity at this stage would be for a project manager to organize a meeting to discuss specific issues that require support with the donor organization and a country or another organization that could be the recipient to define each party's objectives.
Phase 2: Identification
In this phase, the problems, needs, and project ideas identified in the previous phase are examined more closely. It involves consultations with potential stakeholders and subject matter experts to further analyze the issues, determine how to address them, and decide whether additional work is necessary to bring a project together.
At the end of the identification phase, a document known as the project identification report is produced. It outlines the most suitable project options to pursue and explains the reasoning behind the recommendations.
Phase 3: Formulation
The formulation phase, sometimes referred to as the evaluation phase, is when stakeholders discuss project ideas to refine details and identify key aspects such as expected outcomes and impacts, relevance, feasibility, and sustainability.
At this stage, a project idea turns into an operational plan with comprehensive resource and implementation schedules. At the end of this phase, stakeholders decide whether or not to create a funding proposal for the project.
Phase 4: Funding
In this phase, the institution that will finance the project reviews the funding request and then decides whether to proceed. If approved, a financing agreement is prepared between the funding organization and the implementing organization to formalize the project.
Phase 5: Implementation
The implementation phase is the stage of executing the project and is typically the longest phase. It is divided into three periods: start-up, main implementation, and closure. Depending on the project, it may take months or years to complete. In this phase;
● Key stakeholders assess the project's outputs or results for quality. Actual schedules and financial expenditures are compared with baseline values, making necessary adjustments to account for changing conditions and ensure achievement of strategic objectives.
● Project teams and relevant stakeholders fulfill what is specified in the project management plan.
● Project teams utilize project management software tools like Gantt charts, work breakdown structures, responsibility matrices, resource availability reports, timelines, and kanban boards to keep the project on track.
● Pre-determined communication strategies are employed to deliver information to the right people at the right time.
Phase 6: Evaluation
At the end of the project, in this phase conducted during the project duration, or even years after project completion, stakeholders evaluate what has been achieved, what went well, and what could be improved. Lessons learned are then applied to the remainder of the project or future projects.

What Are the Benefits of Project Cycle Management?

Project cycle management ensures that foresight is applied at the design and preparation stage of the project to prevent potential deficiencies in the future. The situation analysis, problem analysis, and target analysis conducted during the design phase aim to analyze the problem in detail, identify the situation, and determine the target audience accurately to maximize the benefit of the project. By ensuring the active role of stakeholders in the process, it targets achieving maximum benefit from the project for the target audience.SWOT analysis,risk analysis, and foresight regarding unexpected situations are utilized to prevent risks and minimize damage. By ensuring the sustained effectiveness of the project, it enables the project to serve as a resource for similar projects. Through sound multiplier effect analyses, it increases the visibility and recognition of the project. Project cycle management is crucial at every stage for the preparation, execution, and conclusion of an idea as a project.