Initial excitement of a new idea or development needs to be challenged on feasibility in financial, technical, economical and legal aspects.
After proven feasibility a definition step should be implemented to define how different disciplines match together, finance possibilities and necessary permits are to be defined.
A conceptual design will be worked out towards detail design. Financial close is the moment where a final decision about the continuation of the project will take place. Permits are irrevocable and the investment estimate has an accuracy of +/-10%.
Execution of construction activities makes the project become reality. At the end functional systems come to live and start to act together to realize the required business and operational results.
Operating at design load with the guaranteed output for the complete economical lifecycle. Rigid enough to deal with process upsets, flexible enough to deal with changing process requirements. The money generating episode of the investment starts.
Everything comes to an end, either a demolition for a rebuilt or upgrading but also to start a second life on another location. Even mothballing might be a possibility waiting for better times.