The project life cycle is an aspect of project management that lets the stakeholders know the scope and length of the project. There are different types of a life cycle that are involved in different projects and one of them is the iterative life cycle. The iterative life cycle is a project life cycle wherein the scope of the project is determined during the early portion of the project life cycle. The phases of this particular life cycle can overlap or happen sequentially. Thus, the cost and time estimates are modified routinely especially when the understanding of the product also increases.
The benefit of the iterative life cycle is that the changes are taken cared of with less cost impact during the planning and until the next iteration. This also results to fewer feedbacks because there is a better understanding of the product using this particular project management life cycle.
The purpose of the iterative life cycle is that it is used where changes in the scope or objectives are needed to be managed. This type of life cycle reduces the complexity as the project progresses through time. Moreover, the deliveries also happen at each end of the iteration thus customers get something even if the project has not completed yet.
This term is defined in the 5th edition of the PMBOK.