Mahalakshmi Rangarajan  

Conceive

Defining customer needs; considering technology, enterprise strategy, and regulations; developing concepts, techniques and business plans.

Design

Creating the design; the plans, drawings, and algorithms that describe what will be implemented.

Implement

The transformation of the design into the product, including manufacturing, coding, testing and validation.

Operate

Using the implemented product to deliver the intended value, including maintaining, evolving and retiring the system.