A project is defined to have a finite amount of work and therefore has two important components: Start (Initiate) and Stop (Complete).
In order to Start a project one must initiate it. A project cannot start without a definition what is to be done, how long it will take and how much it will cost. At a high level, this requires that:
A business case is identified
A determination is made on feasibility
A project charter to outline cost, schedule, scope, deliverables, stakeholders, etc., to submit for approval. This can also be considered the Statement of Work (SOW) for a contract.
A Project Management Office (PMO) with key personnel identified so the project can move into detailed planning if approved.
After the Initiation phase, Planning is conducted. This phase is most crucial and quite often gets the least amount of attention.
Once Planning has been sufficiently completed the Performing or execution and control of the project commences.
After all activities have been completed, the project is closed out.
