- Initiating stage: determing scope of the project, analyzing requirements in measurable goals, financial analysis of the costs and benefits including a budget, analysis of project team, costs, tasks, deliverables, and schedules.
- Planning stage: identifying deliverables and creating work breakdown structure, estimating resource requirements, estimating time and cost, developing schedule & budget and risk planning.
- Execution stage: ensuring the project management plan’s deliverables are executed accordingly.
- Monitoring stage: measuring the ongoing project activities and identifying corrective actions to address issues and risks properly.
- Closing stage: finalizing all activities across all of the process groups to formally close the project.