By AIMS Education, UK on youtube.com
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In this step you'll learn about project initiation and feasibility studies. Project initiation is the formal recognition that a new project or the next phase in an existing project should begin and resources should be committed to the project. Feasibility studies are conducted to determine whether the project is viable or not, and project selection methods help organizations to decide among alternative projects and determine the tangible benefits to the company of choosing or not choosing a project. Developing a project charter is the very first piece of document for a project and a written acknowledgement that the project exists. It formally authorizes a project or phase and documents the initial requirements that satisfy stakeholders needs and expectations.