Acme Corporation embarked upon an optimistic project to develop a new product for the marketplace. Acme's scientific community made a technical breakthrough and now the project appears to be in the development stage, more than being pure or applied research.

The product is considered to be high tech. If the product can be launched within the next four months, Acme expects to dominate the market for at least a year or so until the competition catches up. Marketing has stated that the product must sell for not more than $150-$160 per unit to be the cost-focused market leader.

Acme uses a project management methodology for all multifunctional projects. The methodology has six life cycle phases:

• Preliminary planning

• Detailed planning

• Execution/design selection

• Prototyping

• Testing/buyoff

• Production

At the end of each life cycle phase a gate/phase review meeting is held with the project sponsor and other appropriate stakeholders. Gate review meetings are formal meetings. The company has demonstrated success following this methodology for managing projects.

At the end of the second life cycle stage of this project, detailed planning, a meeting is held with just the project manager and the project sponsor. The purpose of the meeting is to review the detailed plan and identify any future problem areas that will require involvement by the project sponsor.

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