At this point, all areas of the project must be thought through and placed on paper. The planning phase is responsible for producing documentation that will govern the future of the project while gathering the necessary resources, such as project team members, to you. Planning the project is one of the most essential steps to the project processes. This process step charters the project blueprint, outlining project requirements and the steps necessary to reach them. The second phase in the project management process covers the formulation of project goals and objectives. Business Case: Also used as a feasibility study, this document examines the feasibility of the project and evaluates its chances of success by looking at the estimated costs, and the risks and benefits associated with the project.Project Charter: A document outlining the project’s scope, objectives, and participants, defining roles and responsibilities and objectives and goals.Such documentation project managers need at this time, include: Two crucial documents will need to be created during the project management initiation phase. This phase is also where stockholders influence the project’s entirety, governing its main objectives and deliverables. If a company hires a professional project manager, this is where their job starts, as they are brought onto the project initiation. Initiating the project is the first step in the project process, covering the organization’s allocation of company resources to the various project areas. The beginning of the project opens with the project management initiation phase.
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