500
Intiating, which are the activities performed to define a new project or a new phase of an existing project. Intiating activities performed to define a new project or a new phase of an existing project. Intiating activities include the definition of initial scope, identification of initial financial resource commitments, and identification of stakeholders, selection of the project manager, establishment of a project, charter, and getting full authorization for the project.Planning, which are the activities performed in order to establish the total scope of the project, define and refine the objectives, and develop the course of action that will be followed to achieve the objectives.Executing, which are the activities performed to carry out and complete the work as define in the project management plan. Executing activities include coordinating people and resources and performing and integrating the activities as specified in the project plan. Monitoring and controlling, which are the activities performed to track review and regulate the execution of the project; identify any areas in which changes to the plan are required; and initiate corresponding changes. Closing, which are the activities performed to finalize the project – to bring it to a conclusion and to meet contractual obligations. Closing activities include obtaining acceptance by the customer or sponsor, conducting post-project or phase-end review, recording impacts, documenting lessons learned, and closing out procurements.
Five Process Stages