In any project, I believe that there are 5 stages that are necessary in starting the development of a project.
1. Finding the “market gap”: This is the first stage and this is when the idea is evaluated on whether it is valid to even begin the project. This stage is used to determine the required components of the project in order for it to become effective. During this phase, you also have to determine if there are other projects that are similar to the current projects in order to avoid conflict.
2. Design: This stage of product development goes over the idea, solidifying it and making sure that it is in its best version that it can be in the beginning stages. Also, one has to make sure that the required market gap characteristics are factored in within the design of the project.
3. Resource Allotment: This is when schedules, budgets, and procurements are made. During this stage, orders from vendors are filed in order to see when they will arrive and depending on those times, a schedule is made. During the schedule phase, milestones are created as well as tests in order to ensure that the project is on track to its finishing.
4. Execution: In this stage, the building and initialization of the project begins. Each member of the committee has his/her responsibility which he/she is assigned to complete based on the schedule. In this stage, the raw materials and other resources are combined in order to build the project. This stage also factors in the evaluation of the design and modifications are made to improve the overall assembly of the project.
5. Presentation: For some projects, this stage is composed of packing the finished product and selling it. To some projects, such as an event, this is a day when the finished product is showcased.