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Doctoral Thesis / Dissertation from the year 2011 in the subject Business economics - Business Management, Corporate Governance, grade: B, ( Atlantic International University ) (BUSINESS MANAGEMENT AND ECONOMICS), course: REGIONAL DEVELOPMENT. - Development Studies, language: English, abstract: A project comprise a series of activities (investments) thataim at solving problems within a given time frame with aclear set of objectives for man's benefit. It is an undertakingthat involves the commitment of scarce resources in theexpectation of future benefits. According to Heagney (2012:2), a project should have a definite starting and end point(time), a budget (cost), or a certain magnitude of work andspecific performance. Before achieving the objectives, aproject goes through several stages of a project cycle.The Project life Cycle refers to a logical sequence of activitiesto accomplish the project's goals or objectives. Regardless ofscope or complexity, any project goes through a series ofstages during its life. The first stage is the birth phase orIdentification. In this stage the outputs and critical successfactors are defined. This is followed by a Planning phase,characterized by breaking down the project into smallerparts/tasks. In the Execution phase, the project plan isexecuted, and lastly a Closure or Exit phase, marks thecompletion of the project. The project cycle has seven stages,each stage links with the preceding one and leads forward tothe next one. These include Identification, Preparation,Appraisal, Implementation, Monitoring and Evaluation andwinding up.[...]