Definition:
A project management methodology dividing the project lifecycle into distinct phases, separated by decision points (gates) where progress is evaluated before proceeding.
Key Components:
- Defined Stages: Specific phases with set objectives
- Decision Gates: Evaluation points to assess readiness
- Criteria Checklists: Standards to meet before advancing
Use Cases/Industries:
- Product Development: Bringing new products to market
- Construction Projects: Managing large-scale builds
Advantages:
- Improved Oversight: Regular evaluations enhance project control and governance.
- Risk Management: Early identification of issues reduces costly rework.
- Better Decision-Making: Ensures that only viable projects proceed to execution.
Challenges:
- Potential Delays: Frequent reviews and approvals can slow down decision-making.
- Resource Allocation: Requires commitment at each stage, which can strain budgets.
- Rigidity in Execution: A highly structured approach may not allow for flexibility when unexpected challenges arise.
Related Terms:
Project Lifecycle Management, Phase Review Process, Tollgate Reviews
Example:
A liquefied natural gas (LNG) facility project follows the stage-gate process, with major evaluations at the FEL-1, FEL-2, and FEL-3 phases before securing Final Investment Decision (FID) and advancing to detailed engineering and construction.
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Synonyms:
Phase-Gate Process, Tollgate Process
