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3GPP (Third Generation Partnership Project) is defining UMTS (Universal Mobile Telecommunication System) releases which span the transition from GSM/UMTS coexistence to All-IP UMTS networks. The deployment of an UMTS network depends, in the first place, on the intended service offerings and the release an operator chooses to start service with. Other key decisions influencing UMTS deployment relate to the timing of the functional enhancements and capacity increases along the economic life of the network. This paper gives an overview on the architectural and technical options for UMTS deployment. It also outlines the methodology underlying the business plan aimed at estimating the returns from investments in the UMTS infrastructure, thus helping to tune operators' strategies for UMTS deployment.