The project next proceeds to a second and somewhat more rigorous screen at Gate 2. This gate is essentially a repeat of Gate 1: the project is reevaluated in the light of the new information obtained in Stage 1. If the decision is go at this point, the project moves into a heavier spending stage.
At Gate 2, the project is subjected to a list of readiness check questions and also a set of must-meet and should-meet criteria similar to those used at Gate 1. Here additional should-meet criteria may be considered, dealing with sales force and customer reaction to the proposed product and potential legal, technical, and regulatory "killer variables," the result of new data gathered during Stage 1. Again, a checklist and scoring model facilitate this gate decision. The financial return is assessed at Gate 2, but only by a quick and simple financial calculation (for example, the payback period).
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.