Final answer:
The initiation phase is where the project's value and feasibility are assessed, while the planning phase involves creating detailed plans, such as schedules and risk management strategies, for executing the project.
Step-by-step explanation:
In project management, the initiation phase differs from the planning phase in several key ways. The initiation phase is the beginning of the project where the project's value and feasibility are measured. Stakeholders identify whether the project should proceed and what the project will aim to achieve. It's a high-level view of the project with a focus on its significance and feasibility. In contrast, during the planning phase, detailed plans are created, outlining how the project will be executed, guided, and controlled. The planning phase involves creating clear, actionable tasks and schedules to achieve the project’s objectives. It includes setting up timelines, budgets, resources, risk management plans, and more in-depth strategies that guide the project through to its completion.
The implementation phase follows the planning phase, where the project plan is put into motion and the work required is performed. This phase requires flexibility and an ability to adapt to changes that may arise during execution. The importance of the initial phases comes to light during implementation, as they provide a framework for carrying the project towards success.