The Initiate stage is where you “set the stage” for your project. During this stage you define the business case for the project, identify the stakeholders, and identify the primary goals for the project. The result will yield a confident go-no go decision and the ability to clearly communicate to the stakeholders what the project will accomplish and how success will be measured.
Project initiation includes the following key elements:
Evaluate the project's business case . Not all projects that should be done can get done. This is the time to explore the return on investment, success factors, and risks to determine if this project is a good fit for your organization at this time.
Identify the project stakeholders, which include all those people who will make a meaningful contribution to the project, as well as those who have influence and authority over the project.
Define the project charter to clearly communicate your project goals, success factors, initial risks and constraints.
Define the statement of work which provides the initial description of what will be accomplished and delivered for this project.
