Project Charter. A Project Charter refers to a short, formal document that contains the objective statement of a project. This enables the project manager to expend the money, hire resources, or get the functional managers to allocate resources to this project. Looking to Understand the Project Charter? Configuration Management & Change Management System: Differences, Simple Formula Questions Part 1 – Three Point Estimates, How to Answer Situational Questions in the PMP Exam, PMP Exam Testing Center Moves to Pearson VUE, Project Need / Opportunity / Justification for the Project. 5. Provide a simple but precise statement of the project.Example 1: Rice University is planning to create a store to sell computer supplies. It gives the project manager the authority to spend the project budget in the delivery of the project. PMI®, PMBOK®, PMP® and PMI-ACP® are registered marks of the Project Management Institute, Inc. A project charter is also known as a project definition document is a formal and short document that clearly defines the objectives, scope, goals, stakeholders and the teams involved in the project. I provided a brief overview of PC to the main stakeholders and gave them a Project Charter template to kick-start the process. This document is developed once and is not usually changed unless there is a significant change in the environment, scope, schedule, resources, budget, or stakeholders. A Project Charter is a high-level document that formally authorizes the beginning of a Project after a feasibility study is done. Project Charter and Project Scope are the two major documents of the Project Management Framework. Developing a project charter involves assessing the project feasibility basis the given constraints and planning the project at a high level. To have a Project charter is considered as Industry best practice. November 15, 2020 / PMP / 3 Comments. Requirements as stated by the Stakeholders. PMI gives a lot of significance to the Project Charter. Enter your email and we'll send you instructions on how to reset your password. The project charter is a project management document created at the beginning of a project. The project charter is an important document in all organizations. Hence, the Project Manager should focus on high-level project requirements and objectives. Use them, tweak them to suit your needs. A project charter is the statement of scope, objectives and people who are participating in a project. Both are considered to be important, as well as difficult for the PMP exam. Also, since it is a written document, and available to all, it serves as a common, single version of truth.This avoid different people from having different impressions about the project at different times. Additional FREE PMP® resources: 47+ Commonly Confused Term Pairs with detailed explanations . You see, most people have never heard of a Project Charter. A face to face training is also good, but is often crammed in a short span of 4-5 days, and leads to information overload… which hinders memory retention. 7. Thus, people can get confused, and go in the wrong direction or may have misconceptions… wasting valuable time, money and resources. This is to ensure that the integrity & sanctity of the project charter is maintained, and anyone is not allowed to change the charter at any time, just because they think a change is important. PMBOK Guide. a document issued by the project initiator or sponsor that formally authorizes the existence of a project You see, it is one of the two process in Initiating. You may be working on some “ghost” project… Be careful! Project Statement of Work (SOW) includes the business need and the overview of the qualities/characteristicsof deliverables; 2. There will be at least 10+ questions about the Project Charter on the PMP exam. The project charter is needed to provide initial, and continuous guidance to the project manager, and the entire project team about the scope, high lever deliverables and helps to set boundaries for the project. Creating a project charter is a job that a good project manager should be able to handle. It’s better to spend more time in creating a complete project charter. Microsoft and MS Project are the registered trademarks of the Microsoft Corporation. Describe the project purpose and justification. sure, any project document can be changed - also the Project charter. And 13% questions come from the Initiating process group (See PMP Exam Question Distribution Chart here). A project charter is supposed to provide a very short, high level overview of the project and its requirements, deliverables to provide a decent idea about the project to anyone who is interested. Provides clarity to the project manager and the team about the end result, the end deliverable of the project. The project charter should identify the assigned project manager. In fact, one of the 42 process is named “Develop Project Charter” in the Initiating Process group / Integration Management Knowledge Area. This PMP® Training video will help you understand what is Develop Project Charter. Study it well, prepare for the PMP exam methodically, stratigically, and be ready to ace the test in your First attempt! Remember this tip for the PMP exam! But then, who signs it anyway? Develop Project Charter is the process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. Project Charter is used during the initial phase and planning phase; hence, a good project charter can help in the success of the project. The final section of the project charter is the approvals section. Other reasons may involve changes to the EEFs/OPAs that are being used as INPUTS to the Develop Project Charter process. Project Statement of Work is provided by the organization/management to the project manager for creation of Project Charter: 1. In this example of a project charter, we have detailed the Project Title and Description, Project Manager Assigned and Authority Level and Business Case. We have also listed the names of project sponsors who will authorize the project. Identification of project risks: Identifying risks is an on-going activity of the project manager. Thus, making the Develop Project Charter an integration process. This statement describes key project goals, the roles of team members (including responsibilities), and the key stakeholders and their interests. However, for the PMP exam perspective, remember that it is the “manager external to the project” who signs the project charter. document issued by the sponsor/initiator of the project that formally authorizes the existence of the project and provides the Project Manager with the authority to apply organizational resources to Project Activities The charter also identifies the main stakeholders and defines the authority of the project manager. Stakeholders get the confidence from the Project Charter. The charter also identifies the main stakeholders and defines the authority of the project manager. Project charter definition. Expert Judgment: This is not the project manager’s judgment… rather, it is the subject matter experts (SME) who can provide the best ways to gather information and come up with a solid, robust, flexible and workable, achievable project charter. As we discussed earlier, the project sponsor officially issues the project charter. An official sign-off allows allocation of money and resources and thus supplements the development of detailed project plan. Identification of project success criteria: Project Manager should also identify the success criteria of the project. The objectives should be S.M.A.R.T – Specific, Measurable, Acceptable, Realistic and Time Bound. What else did you expect? Therefore, the right solution is d). Develop Project Charter Process. 6. Identification of project scope: Scoping is a critical activity to create a boundary of what work to be done and what not to be done. WHAT Develop Project Charter Is. You must master the art and science of answering PMP questions. A project charter may be authorized by the project manager. It helps everyone on the project team to get clarity about the project, and have a common understanding. PMBOK, 5th Edition, Section 188.8.131.52, “Project Charter” The project charter is the document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. We hate spam. PRINCE2® Vs PMP® – The Battle of Certifications. 72 of the PMBOK (5th ed), any of those high-level items could compel a change w/in the Project Charter. Documentation of identified elements: All the identified elements need to be documented to help standardize the project work. It will pay off well at the end. During project initiation, you define high-level objectives, scope, risks, assumptions, constraints, and requirements with a view of checking the feasibility of the project by meeting the important stakeholders. You would need the initial documents that came with the job. 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