The Project Management Life Cycle (PMLC) is a framework that describes the various stages involved in managing a project from start to finish. It encompasses all aspects of project management, including planning, execution, monitoring and control, and closure. 

The PMLC typically consists of five stages: 

1. Project Initiation: This stage involves defining the project scope and objectives, identifying stakeholders, and developing a preliminary project plan. The goal of this stage is to obtain approval to proceed with the project and establish a shared understanding of what the project will accomplish. 
2. Project Planning: In this stage, the project team develops a detailed project plan that outlines the activities, resources, timelines, and budget required to achieve the project objectives. The plan also includes risk management, quality management, and communication plans. The goal of this stage is to create a comprehensive plan that guides the project team throughout the project. 
3. Project Execution: This stage involves carrying out the activities outlined in the project plan, such as developing deliverables, managing resources, and communicating with stakeholders. The goal of this stage is to deliver the project outputs or deliverables as per the plan. 
4. Project Monitoring and Control: In this stage, the project team monitors progress against the project plan, identifies and manages risks, and makes adjustments as necessary to ensure that the project stays on track. The goal of this stage is to maintain control over the project and keep it aligned with the project plan. 
5. Project Closure: This final stage involves formally completing the project, delivering the final product or service, and closing out the project. The project team conducts a post-project review to assess the project’s success and identify lessons learned for future projects. 

Overall, the PMLC provides a structured approach to managing projects, from initial planning to final closure. It ensures that the project is well-defined, well-planned, well-executed, well-monitored, and well-closed to meet the project objectives and stakeholder’s satisfaction.