(1) Initiation is the phase of formally authorising a new project. This phase links the project to the ongoing work of the performing organisation. Projects are typically authorised as a result of one or more of the following: a market demand, a business need, a customer request, a technology advance or a social need.
(2) Planning processes define and refine objectives and select the best of the alternative courses of action to attain the objectives that the project was undertaken to address. Planning is of major importance to a project because the project involves doing something that has not been done before.
(3) Executing processes coordinate people and other resources, such as equipment and material, to carry out the plan in order to perform the project.
(4) Monitoring and controlling processes ensure the high-quality achievements of the project plan and updating it when necessary.
(5) Closing processes formalise acceptance of the project by its customers and other
stakeholders and bring it to an orderly conclusion.