PMBOK Items 1.2.1 A project is a temporary effort to create a unique product or service 1.3 project management is the application of resources including knowledge, tools, and techniques to project activities to meet project requirements. 2.1.1. project phases include deliverables, which a tangible and verifiable work products. The conclusion of a project phase usually involves a review of both deliverables and project performance to date. These phase end reviews are kill points, in that they are good events for evaluating the need to continue the project 2.1.2. phases may overlap poredecessors when the risk involved is deemed acceptable. The overlapping of phases is referred to as fast tracking. 2.1.2. in a project life cycle, cost and staffing grow until toward the end of the project and then drop rapidly 2.1.2. phases of a projec life cycle can involves significant variance. One organization’s software development life cycles may have a single design phase, while an other’s may have separate phases for functional and detail design.