The procedures and methods which are executed at the initial stage of a new project or a new aspect of a current project comprise the Initiating Phase. The initiation involves the determination of the extent of the project with the pledging of the financial resources needed. The shareholders, which may be internal and external are specified and represented also the result of the project is established. With all the associates, members, workers and staff, the detailed information is recorded in the project charter and the shareholder register. Thus, with the entry of all the particulars and after the approval of the charter, the project is authorized in all legality. The foremost task is the selection of an able and experienced Project Manager. Approval and Funding of the project charter is handled by the external staff and the charter is structured by the project management team.

One of the most important functions of the initiation phase is dividing all the complicating tasks into single phases. Such projects where decisions are made during the production of the charter, the initiating phase is carried out in the consecutive phases to confirm the decisions made earlier. Thus, keeping the initiating phase at the helm of every step, the business goals are kept focused and known. The objectives of the shareholders are reviewed each and every time so as to ratify the influence and the expected success. After a thorough review of the project, the final decision is made whether to continue, delay or cancel the project according to the resources.

An efficient way of promoting customer-shareholder relationship is to include the customers and shareholders in the initiation so as to provide the clarity demanded, probable mutual ownership, self-satisfaction and realistic acceptance.

The program, organizational or portfolio processes can operate the initiating processes if they are the external staff to the current project. An example of such –Before the project is implemented, the high-level needs are specified as a part of the organizations initiative. So, if the project is to be feasible there should be alternatives proposed thus establishing its relatively new and modified origin. Proper details of the project goals are developed with the alternatives so as to reason the new projects. The authorizing documents for this decision is made, it contains the initial outlook of the project, the resultant product, duration and contingency, along-with the resources needed for the completion the investment analysis by the organization. As a part of the initiating step, the Project Manger is authorized to apply the resources provided by the organization, in project activities.

Summarizing, assigning the project manager, Defining the existent company system and culture, Tracking the individual processes and history, Documentation, Identify shareholders, Identify business goals, State the projects extent, Develop the project charter are some of the points to put emphasis on.

The Project Charter:

It is document of authority to the project or a new phase of the project. The process of developing the charter is a crucial step in the initiation. It contains the requirements of the project which satisfy the needs and expectations of the shareholder. This step is also used in multi-phase projects to instill the validation of the previous decisions made. It is constituted of the project statement of work, business case, environmental factors, organizational assets and the contract.

develop project charter

Identifying Shareholders:

The shareholders are the part owners of the company, in layman’s terms. The impacted companies or people are to be identified and relevant information about their involvement, share, and interests are to be documented in the register. Thus, the management strategy for the shareholders can be planned on such grounds.

identify stakeholder

To your project success,

Marvin