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The European Union describes a project as having a
five-phase cycle of operations:
v
Programming: the central authorities are establishing the
strategic orientation of the country.
v
Identification: the project ideas are analyzed and selected
to be further developed.
v
Formulation: the project is developed from the point of view
of the technical, economic and social feasibility.
v
Implementation: the development of the project using the
resources required by the client and agreed upon by the
financer.
v
Evaluation and audit |