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Hello and Welcome to the PM Perspective video on Project Charters. If youve been assigned to a project and youre looking for some practical guidance, then youve come to the right place. Today, were going to answer the following questions: What is a project Charter? Why do I need a project charter? How detailed should a project charter be? What information goes into a charter? What process should you use to draft the charter? And -- stay tuned -- because were going to show you how you can download a free project charter template at the end of this video. Lets start by explaining what -- exactly -- a Project Charter is A Project charter is a document of some kind. It could be a word document or something like a PowerPoint presentation the format varies as does the name. In your organization you might have something called a project request that serves the same purpose as the charter, or -- if you deal with outside clients -- your Scope of Work, or SOW, may also stand-in for

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What are the main components of project charter?

The six main parts of a project charter are an overview, an outline of the projects scope, an approximate schedule, a list of anticipated risks, an estimated budget, and a list of key stakeholders. Overview: Outline what the project entails and what it should accomplish.

What is the most important part of the project charter?

The most important part of the project charter is the objectives section. It outlines the goals of a project and clarifies what needs to be accomplished. Without a clear understanding of the objectives, it would be difficult to develop an effective plan and ensure that all stakeholders are on board with the project.

What are the 7 elements of a project plan?

Lets dive into the details: Step 1: Define your goals and objectives. Step 2: Set success metrics. Step 3: Clarify stakeholders and roles. Step 4: Set your budget. Step 5: Align on milestones, deliverables, and project dependencies. Step 6: Outline your timeline and schedule. Step 7: Share your communication plan.

What are three purposes of project charter?

A project charter should: Identify the scope of the project. Provide a shared understanding of the project objectives. Act as a contract between the project sponsor, key stakeholders and the project team, detailing responsibilities.

Does a project charter have a budget?

A budget is created by the PM during the Project Charter process, as a fiscal representation of the effort involved to complete the basic project scope. The budget developed at this stage is not intended to be as detailed or precise as the final budget submitted with the Minor Project Proposal.

What is summary budget in project charter?

The summary budget should contain general cost components and their planned costs. As the project moves forward these costs may change as all tasks and requirements become clearer. Any changes must be communicated by the project manager.

What should a project charter include?

The project charter typically documents: Reasons for the project. Objectives and constraints of the project. The main stakeholders. Risks identified. Benefits of the project. General overview of the budget.

What are 5 things you need in a project charter?

What Are the Contents of a Project Charter? A project charter should always include an overview, an outline of scope, an approximate schedule, a budget estimate, anticipated risks, and key stakeholders. Each of these sections should be brief, but as thorough as possible.

What is project charter with example?

A project charter is a formal short document that states a project exists and provides project managers with written authority to begin work. A project charter document describes a project to create a shared understanding of its goals, objectives and resource requirements before the project is scoped out in detail.

How do I create a budget in project charter?

How to prepare a project management budget Identify the project scope. The first step in allocating costs is to be clear on the project scope, timelines, and deliverables. Determine the resources. Allocate amounts. Make your budget. Get approvals and implement. Cost estimates. Budget monitoring. Budget contingency.

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