On the basis of the initial Vision, risks are assessed and an economic analysis, the Business Case, is produced. If the Project Approval Review finds these satisfactory, the project is formally set up (in Task: Initiate Project), and given limited sanction (and budget) to begin a complete planning effort. Note that, by definition, this initial Vision is created outside the project (perhaps by a separate business modeling or systems engineering activity), not by the subsequent Task: Develop Vision within the project. This latter activity adds substance to the initial Vision, validates and refines it. The project begins with this activity, so any artifacts that are input must already exist - i.e. the project must have some organizational and business context.

The person(s) acting as Project Manager for these early activities may not be the one(s) to carry the project forward, because the emphasis at this stage is on risk discovery and establishing the potential return-on-investment. The Project Manager's ability to make sound business and technical risk judgments is valuable, the ability to manage teams of people less so, in these early activities. Equally, the Management Reviewer should have extensive business and domain experience.