What is the relationship between the project phases and the project lifecycle

Question

Please discuss the relationship between the project phases (initiating, planning, executing, monitoring & controlling, and closing) and the project lifecycle. Is the "project lifecycle" merely a term that groups all the project phases?

Answer 1

The Project Life Cycle is the sum of the lead times on the entire project, in other words, the project from start to finish.  

Project Phases are the individual "steps" or portions that make up the project life cycle.  (Final Assembly, Sub-Assembly etc.)