Project Cycle Management is a term used to describe the management activities and decision-making procedures used during the life-cycle of a project (including key tasks, roles and responsibilities, key documents and decision options).
PCM helps to ensure that:

• Projects are supportive of overarching policy objectives of the EC and of development partners;
• projects are relevant to an agreed strategy and to the real problems of target groups/beneficiaries;
• projects are feasible, meaning that objectives can be realistically achieved within the constraints of the operating environment and capabilities of the implementing agencies; and
• benefits generated by projects are likely to be sustainable

Project Cycle Management is a combination of concepts, techniques, instruments and practices that enable PCM leaders to gradually lead different projects and programs through Project Cycles Management fazes:

For all EC operations the cycle highlights three common principles:

• Decision making criteria and procedures are defined at each phase (including key information requirements and quality assessment criteria);
• The phases in the cycle are progressive - each phase should be completed for the next to be tackled with success; and
• New programming and project identification draws on the results of monitoring and evaluation as part of a structured process of feedback and institutional learning.