Project Charter in Project Management

A project is a temporary endeavor undertaken to produce a unique product or service The characteristics of projects arernSpecific start and end daternHas a defined objectivernSeries of tasks to achieve a defined outcome or objectivernThe temporary nature of project indicate that it have a definite start & end date. Temporary doesnt means that the project have to be short duration like months, projects can span for years duration. Fulfillment of project objectives may produce one or more deliverables like Unique product ( a complete product or enhancement of a existing product or correction of product etc.)rnUnique service ( a support function)rnUnique result ( new process, documents etc.)rnProject management is the application of knowledge, skills, tools & technique to the project activities to meet the project requirement. Project management enables the organization to execute the projects effectively & efficiently.rnEffective project management helps organization to Meet business objectivesrnMeet stakeholders expectationsrnIncrease chance of successful projectrnManage constraintsrnManage risks in timely manner Control changes The core component of project management arernBusiness case for why a project is necessaryrnCapturing project requirements, specifying quality of the deliverable, estimating resources and timescalesrnDeveloping and implementing a management plan for the projectrnLeading and motivating the project delivery teamrnManaging the risks, issues and changes on the projectrnMonitoring Project progress against planrnManaging the project budgetrnMaintaining communications with stakeholders and the project organisationrnProcurement managementrnclosing the project in a controlled fashion when appropriate.rnPoorly managed project with out project management will fail & result in Missed deliverablesrnHigh costrnPoor qualityrnReworkrnLost of reputation for organizationrnUnsatisfied stakeholdersrnA Project Charter is a document that describes the purpose of a project and its scope, it legally authorizes the beginning of the project.It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference of authority for the future of the project. A project charter includes:rnThe essence of the project.rnProvide a shared understanding of the project.rnAct as a legal agreement between the project sponsor, key stakeholders and the project team to start the project.