Five Phases of SAP methodlogy.

Phase 1: Project Preparation – The purpose of this phase is to provide initial planning and preparation for your SAP project.
Phase 2: Business Blueprint – The purpose of this phase is to achieve a common understanding of how the company intends to run its business within the SAP System. The result is the Business Blueprint, a detailed documentation of the results gathered during requirements workshops. The Business Blueprint document represents the business process requirements of the company. It is the agreed statement of how the company intends to run its business within the SAP System.
Phase 3: Realization – The purpose of this phase is to implement all the business process requirements based on the Business Blueprint. The system configuration methodology is provided in two work packages: Baseline (major scope); and Final configuration (remaining scope).
Phase 4: Final Preparation – The purpose of this phase is to complete the final preparation (including testing, end user training, system management and cutover activities) to finalize your readiness to go live. The Final Preparation phase also serves to resolve all critical open issues. On successful completion of this phase, you are ready to run your business in your live SAP System.
Phase 5: Go Live and Support – The purpose of this phase is to move from a project-oriented, pre-production environment to live production operation.

Some additional Infomation on ASAP methodology:
Phase 1 – Project Preparation
Change Charter – Goals and objectives of Organizational Changen Management
Project Plan – This is a first cut focusing on milestones andn Work Packages; details to come.
Scope – Sets the initial definition of then project; input from sales cycle.
Project Team Organization – Sets the whon of the project: Standards and Procedures – Sets the why and how of the project.
Phase 2 – Business Blueprint – Requirements reviewed for each SAP Reference Structure item and defined using CI Templates (in the Q and Adb). Business Blueprint – This is the output of the Q and Adb and is the key document for Phase 3.
Phase 3 – Realization – Master Lists – Define business scenarios and R/3 transactions to be realized in the system. BPP – Business Process Procedures representing R/3 transactions; used for unit testing and documentation. Planning – Defines how the configuration will be done and how it will be tested. Development Programs – Provides details of the external programming requirements. EU Training Material – End User training material and process documentation.
Phase 4 – Final Preparation Stress and Volume Tests – Plans for confirming the production hardware’s capabilities
Cutover Plan – The details of how to move to the production environment and go live
Conduct End User Training – Delivery of the necessary levels of R/3 End User training prior to going live
Phase 5 – Go Live and Support: Ensuring system performance through SAP monitoring and feedback.