The document discusses various phases of project development and life cycles. It begins by discussing systems thinking perspectives in project management. It then discusses traditional project phases of start, plan, execute and closeout. However, it notes projects begin before the start phase and products continue after closeout. Various predictive and agile life cycle models are described, including waterfall, prototyping, RAD and incremental build. PMI's standard 4 phase model is also discussed. The relationship between project and product life cycles is explored, with product life cycles having introduction, growth, maturity, decline and termination phases. Purposes of life cycle models are defined.