Once a project is selected it must be initiated, it is in this phase that the project manager learns:
- The objectives of the project
- The business reasons as to why the project was selected
- Information about the project deliverables, Timeline, and budget
- Gains approval to proceed with the project
The initiation phase of a project lays the groundwork for the project
- defines the reasons why they project is undertaken
- the primary business benefits of the project
- the goals the project is expected to achieve
- ensures that all stakeholders are on the same page
- acknowledgment by management of resources required: time, budget, scope
- Project Charter (main deliverable)
Once a project has been added to the project portfolio the organization assigns a project manager to it. The main deliverable of the initiation phase of a project is the charter, the project charter defines:
- Purpose of the project: a simple business statement about what the project is about
- Objectives: are clear an measurable statements as to the results of the project. When defining Objectives make sure that they meet the SMART criteria
- Specific & clearly stated
- Measurable or Quantifiable
- Achievable
- Relevent
- Time-bound
- Key requirements: List what is needed to achiece the objectives
- Main deliverables (Schedualed milestones): a schedual of what will be deliverd and when
- Resources Required: the things needed to deliver the project succesfully
- Budget
- Personnel
- Equipment
- Materials
- Major Risks: what could prevent the project from being a success
- Schedule
- Budget
- Profitability
- Technical
- Organizational
- External
- Key stakeholders & sponsers: people who are affected by the project and people who have influence over the project, at a minimum this will be the sponsor, the clients and the team.
- Project Sign off: this is where the project signed off by the sponsor and PM and client
