Defining the Project's Lifecycle Stages and Their Related Decision-Making Activities

Abstract

Large infrastructure projects are significant for societal and economic development, involving different types of infrastructure and many stakeholders. This chapter outlines the stages of the project life cycle, emphasizing the importance of stakeholder engagement at all stages for successful project outcomes. The stages include initiation, planning, execution, monitoring and control, and closure, each with defined objectives, outcomes, and decision-making activities. Due to the complexity of infrastructure projects, effective stakeholder relationship management is essential. The chapter emphasizes the need for continuous communication, strategic engagement, and proactive risk management to align project objectives with stakeholder interests. Case studies and literature reviews show how stakeholder participation improves project performance, sustainability, and societal impact. The findings highlight the importance of integrating stakeholder perspectives to achieve effective project management and meet performance indicators, ultimately leading to successful project implementation and long-term societal benefits. In order to characterize the role of stakeholders, mutual relations and obstacles to the implementation of the circular economy outside the European Union, the case of Albania, which will soon become a potential member state of the European Union, is analyzed. The problems with the involvement of interested parties in the implementation of the infrastructure project and the benefits and obstacles are similar for both the member state of the European Union and the countries that are just about to become one.