Sometimes called new product development, this phase is governed by a series of stages and gates for managing the life cycle of projects. Investments made in the project phase typically are medium- to short-term investments that organizations use to help transform and grow the business. Investments in this phase also include mandatory requirements (e.g., legal, compliance, and safety regulations). Investments in the project phase are inventoried, assessed, balanced, optimized, and selected in the project portfolio.

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