Hmm, I'm not so sure. I think it makes more sense to define the tailoring as a response to the issues and risks that come up during the project. That way, you can adjust your approach as needed.
As a seasoned project manager, I'd say the level of tailoring should be defined before the project is even triggered. You need to have that framework in place from the very beginning.
I think the level of tailoring should be defined during the initiation stage, when the project is first being planned out. That's when you really need to consider the specific needs and constraints of the project.
Karl
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