Minimize project risk using the stage-gate process

The stage-gate process, also known as the phase-gate process, is a structured project management approach that divides projects into distinct phases separated by decision points or "gates." Each phase culminates in a gate review where stakeholders assess the project's progress and decide whether to proceed, repeat, hold, or terminate the project. This process aims to reduce risks, enhance communication, and ensure alignment with company objectives by providing clear deliverables and requirements. While it offers advantages like resource management and early feedback, the stage-gate process can be inflexible and resource-intensive, especially for smaller or rapidly changing projects. To address this, the process can be adapted for agile environments, integrating product development with exploratory approaches and aligning resource allocation with project success, similar to startup funding models. Despite its structured nature, the stage-gate process remains a valuable tool for aligning projects with business goals and minimizing risks when used judiciously.