1. Opportunity identification

• Someone has a bright idea, and an initial assessment is made.  
• Define general scope
• A business case is completed identifying why a business capability is necessary and what business benefits can be expected by implementing this project. 
• It is possible that a pre-feasibility study may be necessary before further funds can be committed.  

 2. Development  

• The development phase begins when the project has been formally approved.
• Assignment of project team
a)            Team leader
b)           Finance and Procurement
c)            Project management
d)           Consultants
• Option appraisal and modeling
The appraisal stage should include a comprehensive feasibility study that clearly identifies all the development options and the one that is the most attractive
The appraisal will probably include:

1. Definition of the project objective and scope
2. Definition of the project structure
3. Development of the business case
4. Identification of the funding options
5. Risk analysis
6. The feasibility study
7. Life-cycle cost analysis (LCCA)

At the end of this stage an interim go / no-go decision will need to be made.

3. Planning

This stage may include:

1. Putting the funds in place
2. Undertaking the concept design
3. Obtaining all the consents and licenses
4. Preparation of a project plan
5. Preparation of a risk mitigation plan

At the end of this stage a final go / no-go decision will have to be made.

4. Execution

This stage will include:

1. Construction Plans and Specifications
2. Bid and Proposal Process
3. Procurement and Construction
4. Commissioning and Acceptance of Facility  

5. Operations & Maintenance

This involves operating and maintaining the asset.
It is important to implement BMS or CMMS tools for efficient management of facility and assets.

6. Close-down  

The end of the investment life-cycle that may be determined by:

• Obsolescence
• End of the licenses or consent
• Uneconomic operation