- Initiation/Conceptualization – the development of the initial goal and technical specifications for a project. Scope of the work is determined, necessary resources identified and stakeholders signed on
- Planning – all detailed specifications, schematics, schedules and other plans are developed. Individual pieces of the project (work packages) are broken down into assignments and process for completion clearly delineated.
- Execution/Implementation – the actual “work” of the project is performed, the system developed or the product created and fabricated. The bulk of project team labour is performed
- Termination/Closeout – occurs when the completed project is transferred to the customer, its resources reassigned and the project formally closed out. As specific sub activities are completed, the project shrinks in scope and costs decline rapidly
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