of the costs and benefits, including a budget stakeholder analysis, including users and support personnel for the project project charter including costs, tasks, deliverables, and schedules SWOT analysis: strengths, weaknesses, opportunities, and threats to the business Planning After the initiation stage, the project is planned to an appropriate level of detail (see an example of a flowchart). The main purpose is to plan time, cost, and resources adequately to estimate the work needed and to effectively manage risk during project execution. As with the Initiation process group, a failure to adequately plan greatly reduces the project's chances of successfully accomplishing its goals. Project planning generally consists of determining the project management methodology to follow (e.g. whether the plan will be defined wholly upfront, iteratively, or in rolling waves); developing the scope statement; selecting the planning team; identifying deliverables and creating the product and work breakdown structures; identifying the activities needed to complete those deliverables and networking the activities in their logical sequence; estimating the resource requirements for the activities; estimating time and cost for activities; developing the schedule; developing the budget; risk planning; developing quality assurance measures; gaining formal approval to begin work. Additional processes, such as planning for communications and for scope management, identifying roles and responsibilities, determining what to purchase for the project, and holding a kick-off meeting are also generally advisable. For new product development projects, conceptual design of the operation of the final product may be performed concurrent with the project planning activities and may help to inform the planning team when identifying deliverables and planning activities. Executing While executing we must know what are the planned terms that need to be executed. The execution/implementation phase ensures that the project management plan's deliverables are executed accordingly. This phase involves proper allocation, coordination, and management of human resources and any other resources such as materials and budgets. The output of this phase is the project deliverables. Project documentation Documenting everything within a project is key to being successful. To maintain budget, scope, effectiveness and pace a project must have physical documents pertaining to each specific task. With correct documentation, it is easy to see whether or not a project's requirement has been met. To go along with that, documentation provides information regarding what has already been completed for that project. Documentation throughout a project provides a paper trail for anyone who needs to go back and reference