Why Project Charter Is An Important Component In Project Management
What is Project Charter
Project Charter is a statement of scope, objectives and participants and their responsibilities in a project Management. Project Charter is obtained described as Project Defintion or Project Statement.
Project Charter is a important part of Project Planning phase and is often used by many project management methodologies. The project charter documents and tracks the necessary information required by management to approve for project funding.
The project charter is expanded during the project planning phase to include the project communication plan, scope management plan, schedule management plan etc.
Components of a Project Charter
The project overview describes what the project is about and who are the stakeholders, what are their responsibilities and who is the intended audience of the project charter. It also includes the project duration as well as the estimated budget of the project.
The project charter explains the Who, What, Where, When, How and Whom in a project.
The scope of the project explains the objectives and the problems it is trying to solve. This explains what the project will include and what it will not.
The project charter in software development product also includes high level requirements that the project’s product, service or result must meet in order for the project objectives to be satisfied.
The Project charter also includes the major deliverables that must be met for the project or product to meet the project requirements.
Charter also explains the boundaries of the project. It includes items that are out of scope and not part of the project. It helps the stakeholders and team members working on the project to understand the boundaries of the project.
A high level timeline is usually included which gives a time frame of the project from beginning to end.
This includes the funding Source as well as the budget. The funding source could be a grant or an operational budget. This estimate will be for the entire lifecycle of the project.
Assumptions, Constraints And Risks
Assumptions are things that are assumed to be true but may not be true in the project management lifecycle are termed as assumptions.
Project charter identifies any limitation that must be taken into consideration prior to the initiation of the project.These limitations are called Constraints.
Possible risks that can impact the project are identified and defined. Risk mitigation methods are also recorded. Previous projects risk summary and lessons learned can be used to identify these risks.
Roles and Responsibilities
The roles and responsibilities of various stakeholders are defined here. This includes the responsibilities of the project manager, project team members, the management and also the customers.
All stakeholders, both internal and external stakeholders who is involved in the project is identified and recorded.
A Project Charter helps sponsors and stakeholders to agree on the project and also be informed with all aspects of the project. Its used as a reference for all the team members in all phases of the project.