5 Facts About Develop Project Charter Process Groups
LAST UPDATED ON: 26TH AUGUST, 2019
Develop Project Charter is the process of developing a document that formally authorizes the existence of a project. It also provides the Project Manager with the authority to apply organizational resources to project activities. One of the benefits of this process is that it provides a provides link between the project and strategic objectives of the organisation.
When you Develop Project Charter, you are establishing partnership…
The Project Charter as a document establishes a partnership between the performing and requesting organisation. In the case of external projects, a formal contract is typically the preferred way to establish an agreement. A Project Charter may still be used to establish internal agreements within an organisation to ensure proper delivery under the contract. The approved project charter formally initiates the project.
A Project manager is identified and assigned as early in the project as is feasible, preferably while the project charter is being developed., and always prior to the start of planning.
The Project Charter can be developed by the Sponsor or the Project Manager in collaboration with the initiating entity. This collaboration allows the Project Manager to have a better understanding of the project purpose, objectives and expected benefits. This understanding will allow for efficient resource allocation to project activities. The Project Charter provides the Project Manager with the authority to plan, execute and control the project.
Projects are initiated by an entity external to the project such as Sponsor, Program or Project Management Office (PMO), or a portfolio governing body chairperson or authorized representative. The Project Initiator or Sponsor should be at a level that is appropriate to procure funding and commit resources to the project. Projects are initiated due to internal business needs or external influences. These needs or influences often trigger the creation of need analysis, feasibility study, business case, or description of the situation that the project will address.
Chartering a Project validates alignment of the project to the strategy and ongoing work in the organisation. A Project Charter is not considered to be a contract because there is no consideration or money promised or exchanged in its creation.
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