where the Project Team refines the cost,scope, schedule and quality components of the project tomore accurately reflect the additional information islearned about the project.
Perform Risk Assessment,
where the Project Team andProject Manager review the list of risks identified inProject Initiation, identify new risks, evaluate each riskbased on the likelihood of its occurrence and magnitude of its impact, and develop a plan to respond to each risk.
Refine Project Plan,
where additional management proce-dures and plans are developed and all updated documentscreated during Project Planning are compiled into theProject Plan to be utilized in Project Execution andControl.
Confirm Approval to Proceed to Next Phase,
where theProject Manager reviews and refines the Business Case,secures resources required for the Project Execution andControl phase and prepares the formal acceptance packagefor review and approval by the Project Sponsor.The following chart illustrates all of the processes, tasks, anddeliverables of this phase in the context of the project manage-ment lifecycle.
NYS Project Management Guidebook