The work consists of two main chapters, theoretical and practical part. The theoretical part is given a detailed and comprehensive review of all five phases of the project life cycle. In the practical part of the work are criticaly analyzed all stages of the life cycle of the project on the example of the reconstruction project Zakučac, currently the largest investment in Hrvatska elektoprivreda. In fact, it is a project that is very specific starting from financial, technology, quality and above all the time dimension. The most significant technological specificity of this project is a continuous operation of the plant while a unit is replaced with new, and the remaining three units produce electricity. The implementation of the project thus stands out as the most significant risk limt of the project. Mentioned specifics of the project had an impact of the length, intensity, risk and interweaving the life cicle stages of the project. Particularly interesting is the fact that the initiation of the project lasted over 10 years. The specific contribution of this work is the perceived shortcomings of the project such as: lack of diligence in creating an archive of the project, the use of inadequate tools at the time of the project planning and preparation of risk registers just for the riskiest activities of the project. Likewise, the work provides recommendations for further research.