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This video tutorial discusses the importance of developing a project charter and provides a sample template for creating one. The project charter is used to initiate a project and is typically the first document created when a project is assigned. It assigns ownership of the project to clarify roles and responsibilities, and can also be referred to as a Project Initiation Document in Prince2 terminology. The project charter is essential for ensuring everyone is aware of who is responsible for the project and can provide assistance when needed.