The CONCEPT phase encourages helps you take a mindful approach to your project before you formally start it.
If your project continues to appear viable and likely to achieve desired results once you’ve finish the CONCEPT phase, move on to the INITIATE phase.
Step-by-Step CONCEPT activities
The INITIATE helps you start your project the right way. It's the first formal project phase.
This phase formally defines foundational project deliverables. You can perform this work within the management structure of the sponsoring organization.
If your project continues to appear viable and likely to achieve the desired results once passes through the INITIATE Phase and moves to PLAN.
Step-by-Step INITIATE activities
The PLAN phase helps your team design the project.
This phase of the project develops the course of actions to attain those objectives, and establishes methods for managing and controlling the project.
If your project continues to appear viable and likely to achieve desired results once you finish the PLAN phase, move on to the EXECUTE and BUILD phase.
Step-by-Step PLAN activities
The EXECUTE phase helps you design, build, test and stage a solution for implementation.
Throughout EXECUTE the sponsor, business/process owner and project manager ensure continued progress and remove barriers to implementation, particularly those related to code, rule, law, etc.
Once the EXECUTE phase is complete and you’ve deployed strategies for implementation, you can "go live" or launch your project and move on to the MONITOR & CONTROL phase.
Step-by-Step EXECUTE and BUILD activities
The MONITOR & CONTROL phase helps you measure project performance, ensure changes are adopted, and makes sure the business reaches proficiency.
During this phase:
Once your project is in control and on track to achieve desired outcomes, move on to the CLOSE & ACHIEVE phase.
Step-by-Step MONITOR & CONTROL activities
The CLOSE & ACHIEVE  phase helps you bring the project to a successful end. This phase starts once the project's product is accepted and transferred to the support organization, or a decision is made to suspend or cancel the project.
The completion of CLOSE & ACHIEVE phase activities signifies the formal ending of all project work.
Step-by-Step CLOSE & ACHIEVE activities
 - It should be noted that this process phase is not just for projects that have made it to completion. Any project that completes the Initiate phase, and is subsequently halted for any reason, should also go through Close phase activities. This process presents growth opportunities for the project team and the sponsoring organization, and the lessons learned can significantly benefit future efforts.
Value Management Framework contains the framework steps in an easy-to-read pdf format.
If you're new to project management or sponsorship, the Project Management Glossary can help you. Likewise, Learning on Demand – Recommended Courses for Project Managers also has useful resources.
If you think you're working with a troubled project, get tips on project recovery in Troubled Project Identification, Triage and Recovery.