A phased approach to investment decisions for development arose in large-scale projects for mechanical and chemical engineering, particularly since the 1940s.
Also, a robust innovation strategy, coupled with strategic buckets, refocuses resources on high value development initiatives.
Thus the gates become the quality control check points in the process ensuring that the right projects move forward and are completed correctly.
Most importantly, these criteria must be effective—that is, they must be operational (easy to use), realistic (make use of available information) and discriminating (differentiate the good projects from the mediocre ones).
If the answers are "no" or "low" to many of these questions, the decision should be to send the project back for reconsideration, (such as, to adjust the scope, timelines, funding, or solution) or to kill it off altogether.
[6] The advantages to using the phase-gate process for product development typically result from its ability to identify problems and assess progress before the project's conclusion.
When selecting which opportunities to filter through the process, economic developers should be aware that initially, there are no bad ideas or limits.