Which phase in the project life cycle includes the process of evaluation of cost, benefits, and risks?

The Execution phase involves implementing the project plans, managing teams, and delivering the project outputs. While it is crucial for the actual performance of the project, it does not include the initial evaluations of costs, benefits, and risks, which are conducted earlier in the project life cycle.

The Planning phase focuses on establishing the project scope, objectives, and strategies, including resource allocation and timelines. Although planning involves some assessment of costs and benefits, it does not provide the comprehensive evaluation of risks that occurs during the Feasibility Analysis.

The Concept phase is primarily concerned with identifying project ideas and initial requirements. While it may involve preliminary discussions about potential costs and benefits, it lacks the detailed evaluation of risks and comprehensive analysis characteristic of the Feasibility Analysis phase.