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[Music] okay so this is uh the life cycle of a deal so let me uh give you guys some idea as i said we have to understand the entire cycle of a project from the project manager's perspective so although this part is done and covered by sales team or business development team because they are the one who pursue a possible client and try to close a deal so why i'm bringing this topic in this project management session so our job is to manage a project but if there is no project what exactly we will do right that's why we always need to help and collaborate with business development team so from their perspective they actually uh think this process as a funnel and as we can see there are three stages it's mentioned it says lead prospect and customer so what exactly it is when business team is trying to do their research and identifying that this person could become a potential client in future and start collecting their data maybe their name and email address or company details are right that stage is called a lead or the target so suppose they collect that information and keep everything and then they try to [Music] make some progress at this stage right then they try to get engaged with that person right the moment they get engaged and talk about a one specific project or requirement then we call that stage as prospect because not just we only have this client's information now we are having information about the requirement or the project that the client wants right and we get engaged so that stage is called prospect and after talking to the client when we get the requirement and everything then internally we get the estimate or the proposal done by our team the team will help us to break down the requirement and and measure the amount of effort we will need to deliver that project right we call it an estimate document so we use a google sheet we write down each of the point how much effort it will require suppose total 100 hours then we communicate with the client that hey this is the project and this is the platform or technology we will use to deliver your project we give each item breakdown for example if it's a website right we usually tell them that to the theme to wordpress to create the banner to create the footer to complete the home page to complete the contact us page right how many hours we need for each item right and then what is the total that the client see so that part we call this proposal or the estimate and if client likes or accepts the estimate we give then we actually convert them into the customer right so that's the stage and that's where project management team heavily get engaged business team hands over this new project to the project management team did they take over and they made sure they delivered the correct product to the client that's where pm team gets involved i mean project management team gets involved and as we can see it's like a funnel right that means business team knows this from their statistic that i'm just giving you one example so you understand if you collect 1000 lead then maybe out of 1000 only 100 people will be interested to talk to you to get engaged with you so out of 1000 only 100 is your prospect right and out of this 100 prospect when you give them estimate quotation on everything then maybe only three people will get interested to give you the product that's what your client is or your conversion is so it's like a funnel if you want to convert two or three three client you will actually have to collect hundreds of leads and then convert a few to prospect and then you convert them as a customer so that's how this entire stage work