The Development Approach and Life Cycle performance domain in PMBOK 7th edition addresses activities and functions related to the project.

The development approach and life cycle performance are process of producing a project from beginning to end is referred to as the lifecycle and development strategy. The seventh edition of the PMBOK manual recommends a flexible, iterative method of project development that allows for alterations and improvements as necessary. There are five stages in a lifecycle: initiation, planning, execution, monitoring and regulating and closing. Project managers need to employ the right tools and approaches to efficiently manage each phase because each one is essential to the project's success.

Briefly explain the five stages in a lifecycle and as a Project Manager what is the right tools and approaches that can be done to efficiently manage each phase towards the project's success.