Meaning of the word "under way" in English

What does "under way" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

under way

US /ˈʌndər weɪ/
UK /ˈʌndə weɪ/

Adjective

having started and in progress

Example:
•
The project is finally under way.
•
Preparations for the festival are well under way.