The PMIV Methodology combines the Project Life Cycle with the Project Management Methodology including the Gate approach.

The purpose of the gate approach is to establish clear criteria for project evaluation and audit a project between phases.

The PMIV Methodology model may vary between projects but its functionality is the same.

Each phase is broken down into key deliverables and grouped mainly into four (4) categories: Business, Project, Operations and External. Each category has a certain number of documents that need to be satisfied in order to move from one phase to the next. The Execute phase is often broken down into Detailed Engineering, Procurement and Fabrication & Construction. The Operate phase is often broken down into Start Up & Operate and Close Out. Each key deliverable is linked to procedures.

The following represents the evolution in time of the key deliverables through each phase of a project during its life cycle: