Traditionally, project management includes a number of elements: four
to five process groups, and a control system. Regardless of the
methodology or terminology used, the same basic project management
processes will be used. Major process groups generally include:
- Initiation
- Planning or design
- Production or execution
- Monitoring and controlling
- Closing
In project environments with a significant exploratory element (e.g., research and development),
these stages may be supplemented with decision points (go/no go
decisions) at which the project's continuation is debated and decided.
An example is the Phase–gate model. Source http://en.wikipedia.org/wiki/Project_management
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