After preparing the business plan the entrepreneur would proceed to launch the enterprise. This stage involves the preparation of specifications for equipment and machinery, placing order for equipment and machinery, appointment of contractors, issue of construction drawings, civil construction and contraction of equipment foundation, equipment and machinery reaction, electrical installations, piping, instrumentation, to testing, trial runs and commissioning of the plant. In fact, plant commissioning is very critical in project management.

Project implementation usually involves heavy financial commitments, and so availability of adequate funds is a must in effective project implementation. Funds could be reused by issuing equity shares and debentures and obtaining loans from banks and financial institutions.

After the project has been commissioned, operational phase begins. In the short-run, the operational phase concerns itself with smooth and uninterrupted operation of project machinery and equipment, developing suitable norms of productivity, minting quality specifications and satisfactory work progress. In the long-run he operational phase concerns itself on the realization of project objectives with respect to cost incurred, time schedules and performance.

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