Final answer:
The 'Defining' stage of the project life cycle involves establishing objectives, forming teams, and assigning responsibilities, along with developing a clear problem statement and criteria.
Step-by-step explanation:
In the project life cycle, the stage where project objectives are established, teams are formed, and major responsibilities are assigned is known as the Defining stage. This is the phase where a problem statement is developed, encapsulating the scope and resources available to solve the design problem. Establishing criteria and constraints are also part of this stage, along with gaining necessary buy-in from stakeholders to understand the project plan and participate in feedback loops. This collaborative approach is crucial for setting a clear direction and ensuring that all team members are aligned with the project's objectives.