Successful projects do not just happen. They are conceived deliberately and planned in detail.
Organizations that invest in IT projects tend to enter into such efforts with cautious deliberation. They move forward in a stepwise manner, hedging their bets before going all in with their investment.
The deliberate process of deciding whether to invest in an IT project occurs during project initiation. It is during this phase that the project sponsor learns enough to determine whether to move a project forward with some confidence or set the project aside as ill-conceived.