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  <mainDescription>&lt;p>&#xD;
    The project lifecycle provides &lt;em>stakeholders&lt;/em> with oversight, transparency, and steering mechanisms to control&#xD;
    project funding, scope, risk exposure, value provided, and other aspects of the process.&#xD;
&lt;/p>&#xD;
&lt;p>&#xD;
    Each iteration delivers a product increment, which provides an opportunity for stakeholders to understand what value&#xD;
    has been delivered and how well the project is tracking. It also gives the development team the opportunity to make&#xD;
    changes to the project to optimize the outcome.&#xD;
&lt;/p>&#xD;
&lt;p>&#xD;
    OpenUP organizes iterations into a set of phases. Each phase ends with a milestone aimed at providing oversight by&#xD;
    raising and answering a set of questions that are typically critical to stakeholders:&#xD;
&lt;/p>&#xD;
&lt;ul>&#xD;
    &lt;li>&#xD;
        &lt;a class=&quot;elementLinkWithUserText&quot; href=&quot;./../../../openup/guidances/concepts/inception_phase.html&quot;&#xD;
        guid=&quot;_0hmKgBOMEduCNqgZdt_OaA&quot;>Inception&lt;/a>. Do we agree on project scope and objectives, and whether or not the&#xD;
        project should proceed?&#xD;
    &lt;/li>&#xD;
    &lt;li>&#xD;
        &lt;a class=&quot;elementLinkWithUserText&quot; href=&quot;./../../../openup/guidances/concepts/elaboration_phase.html&quot;&#xD;
        guid=&quot;_2plxwBOMEduCNqgZdt_OaA&quot;>Elaboration&lt;/a>. Do we agree on the executable architecture to be used for&#xD;
        developing the application and do we find that the value delivered so far and the remaining risk is acceptable?&#xD;
    &lt;/li>&#xD;
    &lt;li>&#xD;
        &lt;a class=&quot;elementLinkWithUserText&quot; href=&quot;./../../../openup/guidances/concepts/construction_phase.html&quot;&#xD;
        guid=&quot;_48EKsBOMEduCNqgZdt_OaA&quot;>Construction&lt;/a>. Do we find that we have an application that is sufficiently close&#xD;
        to being released that we should switch the primary focus of the team to tuning, polishing and ensuring successful&#xD;
        deployment?&#xD;
    &lt;/li>&#xD;
    &lt;li>&#xD;
        &lt;a class=&quot;elementLinkWithUserText&quot; href=&quot;./../../../openup/guidances/concepts/transition_phase.html&quot;&#xD;
        guid=&quot;__ca5UBOMEduCNqgZdt_OaA&quot;>Transition&lt;/a>. Is the application ready to release?&#xD;
    &lt;/li>&#xD;
&lt;/ul>&#xD;
&lt;p>&#xD;
    If the answer is Yes to the above questions at the phase review, the project continues. If the answer is No, the phase&#xD;
    is delayed (usually by adding an extra iteration) until a satisfactory answer is received, or the stakeholders may&#xD;
    determine that the project should be cancelled.&#xD;
&lt;/p>&#xD;
&lt;p>&#xD;
    One of the objectives of the project lifecycle is to focus on two key stakeholder drivers: risk reduction and value&#xD;
    creation. The OpenUP phases focus the team on risk reduction related to the questions to be answered at the end of the&#xD;
    phase, while tracking value creation, see Figure below.&#xD;
&lt;/p>&#xD;
&lt;blockquote dir=&quot;ltr&quot; style=&quot;MARGIN-RIGHT: 0px&quot;>&#xD;
    &lt;img height=&quot;268&quot; alt=&quot;Risk goes down and vlaue goes up as project progresses.&quot; src=&quot;./resources/project_lifecycle.jpg&quot;&#xD;
    width=&quot;500&quot; />&amp;nbsp;&#xD;
&lt;/blockquote>&#xD;
&lt;p dir=&quot;ltr&quot;>&#xD;
    &lt;em>Risk reduction (red curve) and value creation (green curve) during the project lifecycle.&lt;/em>&#xD;
&lt;/p>&#xD;
&lt;p dir=&quot;ltr&quot;>&#xD;
    Risk is a manifestation of the likelihood of unexpected things happening to the project, and risk stands in the way of&#xD;
    value creation. Risk is directly proportional to uncertainty in estimates, and stakeholders typically want to know&#xD;
    sooner rather than later what value the project can deliver in the stipulated time. In many cases, you reduce risk when&#xD;
    you create value by implementing and testing the most critical capabilities. However, there are situations where risk&#xD;
    reduction and immediate value creation are at odds with each other, see &lt;a class=&quot;elementLink&quot;&#xD;
    href=&quot;./../../../openup/guidances/concepts/core_principle_balance.html&quot; guid=&quot;_ssG6MMvpEdqukPpotm3DYg&quot;>Balance&#xD;
    competing priorities to maximize stakeholder value&lt;/a>.&#xD;
&lt;/p></mainDescription>
</org.eclipse.epf.uma:ContentDescription>
