Planning & Closure Upon studying this topic, you should be able to:$1.$ Explain the purpose and value of breaking up the project lifecycle into phases$2.$ Explain how the project lifecycle differs from the product lifecycle by providing an example$\mathrm{.}3.$ Describe how a phased project approach could be utilised to control a project and to reduce project risks$\mathrm{.}4.$ Describe the terms: Front$-$end loading, milestone, project phase, rolling wave planning, progressive elaboration, feasibility study, business case, fast tracking, baseline plan and defects liability period$\mathrm{.}5.$ Explain why detail plans and overall, high$-$level plans are needed$\mathrm{.}6.$ Explain the process at the gate between two project phases$\mathrm{.}7.$ Explain the importance of the feasibility studies$\mathrm{.}8.$ Give guidelines for project closeout$\mathrm{.}9.$ Describe what a project management methodology is$\mathrm{.}10.$ Describe the different types of estimates and how they differ$\mathrm{.}11.$ Explain the principles of concurrent engineering and the benefits of this approach$\mathrm{.}12.$ Explain the importance of knowledge management at project closeout$\mathrm{.}13.$ For your study project and for other projects within your work environment, define and describe the phases and main deliverables of each phase.