Every project will require some level of investment in resources to get it started. So, once you have created a project concept, you will need to 'sell' its benefits to the people, who will approve and invest in your concept to make it a reality.
This is the phase where most projects get scrutinised and qualified before they proceed to become 'real projects'. Such qualifications include a good understanding of
- the real worth of the project
- a cost/benefit analysis
- a project time plan
- the required resources
- the stakeholders
- the potential risks
- ... and more
It is therefore, the initiation phase is also referred to be the 'first' phase in the project management cycle. It sets the
Watch the video below to learn about the steps, yo need to take initiate a project.
The project initiation steps are
- Develop a business case
- Undertake a feasibility study
- Establish a project charter
- Appoint a project team
- Set up a project office
- Perform a phase review
All the above activities can be summarised in one (or more) document, which will be the basis for the project delivery phase, once the project gets approved for implementation.