QTP life cycle contains six phases
Ø  Test planning
Ø  Generating the basic test
Ø  Enhancing the test 
Ø  Debugging the test
Ø  Executing the test
Ø  Analysis the Results
Test Planning:
In this phase the automation test lead will do the following 
Ø  Understanding the requirements
Ø  Identifying all the areas to be automated
Ø  Analyzing both the negative and positive flow of the application
Ø  Preparing the automation test plan document based on the analysis
Ø  Preparing the tool ready with all the pre configurationally settings for the further operations.
Generating the basic test:
In this phase the automation test engineer will generate the basic test engineer will generate the basic test for both the +ve and –ve flow of the application
Enhancing the Test:
One can enhance the script in the following ways
Ø  Adding comments
Ø  Inserting the script statement manually
Ø  Inserting the programmatic statements
Ø Inserting the check points
Ø  Parameterizing the test 
Ø  Inserting the output value statements
Ø  Synchronizing the test
Ø  Inserting the transactional points for measuring transactions