The Inception phase has the following goals:
• To identify and mitigate business, project, and funding risks
• To assess the viability of the project, both technically and financially
• To agree to the scope and objectives of the project
• To form an overall plan for moving ahead
Every project needs to be funded for at least the Inception phase; funding for subsequent phases will depend on the outcome of the Inception phase.
The focus of the Inception phase is on mitigating the risk that the project might be either economically undesirable or technically infeasible. For this, the team must explore the benefits and costs of the project so that a firm decision can be made about whether to proceed. At the ...