Many organizations invest substantial resources in creating their own project methodologies, which are sets of templates, process maps, and procedures that show the normal flow of a project from start to finish. Other organizations have no formal project management methods, and it is difficult for project managers and team members to be certain about what phase the project is in.
Question to answer
If informal project management can get the job done, why do we need fancy methods and processes and terminology? Have you ever been involved in a project that didn't follow the standard cycle of initiating, planning, executing, and closing? Is it ethical to underplan or overplan a project? Why or why not?