As a part of their project management plan, companies utilize a project charter which is a formal and concise document that contains the project description which includes its objectives, the method to be followed, and who will be the stakeholders. For corporations, a charter or article of incorporation is a printed and written document that contains the major components of a company like its business goals and objectives, structure, and planned business operations. This document is filed with the Secretary of State and if approved by the state, the company will become a legal corporation.
As a part of their project management plan, companies utilize a project charter which is a formal and concise document that contains the project description which includes its objectives, the method to be followed, and who will be the stakeholders. For corporations, a charter or article of incorporation is a printed and written document that contains the major components of a company like its business goals and objectives, structure, and planned business operations. This document is filed with the Secretary of State and if approved by the state, the company will become a legal corporation.
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What is a Charter?
A charter is a legal document that contains the specific rights and roles and responsibilities of a group of people such as institutions, cities, corporations, and colonies. This document serves as a company roadmap for what a certain organization, team, department, or project is aiming to accomplish and become. It also contains details on who’s going to be involved, what the goals are, and who has the authority over what and whom.
How to Create a Charter
A charter is an essential part of a company’s strategic planning in managing its projects. This document is a statement of the project’s scope of work, its objectives, and the list of people who will be participating in completing the project. It starts by providing the project or business description, a definition of the participant’s roles and responsibilities, and outlining the goals and objectives of a new business proposal. A project charter formally authorizes the execution of a project while providing a reference list for future needs.
Step 1: Include Information About the Project
The first part of a project charter is the project’s general information like the business’s name, description, names of the sponsors, the project manager, team members, and the stakeholders. You also have to keep a record of who your team members are and each of their corresponding roles and responsibilities.
Step 2: Determine Your Project Goals and Objectives
Project goals refer to the high-level advantages and benefits that will be generated by the project while the project objectives refer to certain milestones that the project team will be needed to accomplish or achieve.
Step 3: Provide a Business Case
A business case is a statement that tells the purpose of completing the project. It enables the project managers to efficiently deliver an explanation of what business requirements will be met by the project and the list of financial benefits and return on investment it will provide the stakeholders.
Step 4: Create an Outline For Your Project Scope
The project scope refers to the limitations and boundaries of your project like its starting and ending dates. You also have to include a project timeline and budget plan as well as a note of the key assumptions and constraints that can impact the progress of your project plan.
FAQs
What is the importance of a project charter?
A project charter is essential to authorize your project and sells it to the stakeholders, it serves as an initial sales document that you present to your stakeholders, and it stays with you during the entire life cycle of your project.
What are the tips when creating a project charter?
When you are creating a project charter, make sure to provide a vision statement to capture the purpose and goal of your project, organize its structure, develop a project implementation plan, and determine the potential risks and issues that can affect your development plan.
What is common information that a project charter documents?
A project charter commonly documents the reason for executing a project, the objectives and constraints of the project, who the main stakeholders are, the identified risks, the benefits of the projects, and a general overview of the budget plan.
A charter document serves as a roadmap that guides an organization, department, or project in accomplishing the goals and objectives they are intending to achieve. It provides details on the team members and stakeholders who are involved in the project, their goals, and more. The document also provides an outline of the project’s scope of work, deliverables, and the roles and responsibilities of each involved member.
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