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A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).
For example, a problem found in the early stages (such as requirements specification) is cheaper to fix than the same bug found later on in the process (by a factor of 50 to 200). [ 17 ] In common practice, waterfall methodologies result in a project schedule with 20–40% of the time invested for the first two phases, 30–40% of the time to ...
For example, the Waterfall development paradigm completes the project-wide work-products of each discipline in one step before moving on to the next discipline in a succeeding step. Business value is delivered all at once, and only at the very end of the project, whereas backtracking [ clarification needed ] is possible in an iterative approach.
A waterfall analysis details the exact payouts to every shareholder on a company's cap table based on a specific amount of proceeds available to equity in a particular liquidity scenario. Since a company often does not know if, when, or how it will achieve a liquidity event, waterfall analysis typically covers a range of liquidity assumptions.
An example of waterfall charts. Here, there are 3 total columns called Main Column1, Middle Column, and End Value. The accumulation of successive two intermediate columns from the first total column (Main Column1) as the initial value results in the 2nd total column (Middle Column), and the rest accumulation results in the last total column (End Value) as the final value.
The final elaboration phase deliverable is a plan (including cost and schedule estimates) for the construction phase. At this point the plan should be accurate and credible since it should be based on the elaboration phase experience and since significant risk factors should have been addressed during the elaboration phase.
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