Project initiation is the process of formally launching and defining a new project. It involves setting clear goals, developing a timeline, and collecting relevant information to ensure that the project is properly planned and implemented. Project initiation can be seen as a critical factor in determining whether or not a given project will be successful.
The purpose of project initiation is twofold. Firstly, it ensures that all stakeholders involved are on the same page about the scope and objectives of the project, as well as any associated risks, budget constraints, and resources needed for completion. Secondly, it serves as an opportunity to identify potential challenges or issues early on in order to mitigate them before they become more serious problems down the line. By ensuring that everyone involved understands their roles and responsibilities within the project’s framework, key decisions can be made quickly with minimal disruption to progress later down the line.