IPECC Model in PMBOK

IPECC is the acronym for Initiating Planning Executing Controlling Closing.
Initiating
Once a project is deemed feasible, a project manager will be selected and the project charter is created.
Planning
Gee, I wonder what people do in this group. They plan how the project should proceed. Planning is an iterative process that allows project managers to revisit the plan as necessary.
Executing
Now that you have planned the work, your project team will complete it. The project team executes the plan.
Controlling
You’re not going to allow your project team to run wild, are you? You must control the work to make sure it goes according to plan.
Closing
Now that the project work has been completed, you and your customer must verify the deliverables. Next, close the project finances, team reports and lessons learned.

Joseph Phillips is the author five books on project management. He is also a PMI Project Management Professional, CompTIA Certified Project Professional and a Certified Technical Trainee. Project Seminars has more information on Project Management Training.
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