Creating the Business Charter
Establish the Project Charter
After you have completed the Business Case and Feasibility Study to select your preferred solution, you’re now ready to define the project that will deliver that solution to your customer. To formally define a new project, you need to document its Project Charter. The Project Charter states the boundaries for undertaking the project by describing its scope, organization and proposed implementation approach. Specifically, it defines the:
Project vision, objectives, scope and deliverables (i.e. what you have to achieve) | |
Project stakeholders, roles and responsibilities (i.e. who will take part in it) | |
Proposed approach towards implementing the project (i.e. how it will be undertaken) |
The following diagram depicts the steps involved in creating a TOR:
In some organizations, a Project Charter may also be referred to as a “Project Charter” or “Project Definition Report” (PDR). Once the Project Charter has been documented, it is presented to an identified Business Sponsor for approval.