What if your project doesn't fit well into a phased mode? Perhaps there are significant overlaps between basic phases. Or the project contains some looping components, as might be found in pure research projects.
In this case, you might want to pass up the Stage-Gate process for the bounding box approach. This process calls for setting selected critical parameters (boundaries) and is a type of management-by-exception technique. The governance council approves a set of targets or limits, such as delivery dates, cash flow, projected returns, and performance metrics. As long as the project stays within the boundaries, the project team will control most of the action and decisions. However, if a critical target or limit is compromised, then the situation must be identified by the PMO and brought to the attention of the governance council. The PMO and governance council then review the project to consider project termination or continuation with reset targets and limits.
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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.