The term 'phase of a project' can be broken down into two parts: STEP and STAGE. A STEP is a single action or procedure in a process, while a STAGE is a period of time in which a certain set of activities take place. In the context of a project, steps are the individual tasks that need to be completed in order to reach the desired outcome, while stages are the larger chunks of work that need to be done in order to complete the project. Both steps and stages are necessary components of any successful project.