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Project Development is the systematic use of resources, knowledge and practices to design and implement a given project and meet its goals and objectives under specific requirements. It is also defined as the process of transforming available project inputs into desired outputs by consuming available resources. The term is widely used in IT and software projects.
Project development encompasses such high-level processes as Design, Delivery and Evaluation. It is one of the major phases which are as follows:
- Initiation
- Development
- Closure
- Maintenance
Developing a project means stepping through the following general stages:
- Define the project (including goals, requirements, and time-frames)
- Select an appropriate strategy of project implementation
- Estimate project cost
- Mitigate risks and exploit opportunities
- Allocate necessary resources
- Establish success evaluation criteria
- Plan for project sustainability
- Implement the project by the plan
- Manage change and variance
- Test the project against success evaluation criteria
- Accept/reject project results.
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