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In this video tutorial, the speaker discusses the process of developing a project charter, which is used to initiate a project. A sample template for a project charter is provided for those unfamiliar with the concept. The project charter is typically the first document created when a project is assigned and serves to assign ownership of the project to an individual. It is emphasized that even those with PMP certification may not have created one, possibly due to organizational practices. The project charter may also be referred to as a PID (Project Initiation Document) in Prince2 terminology. Regardless of the name, the project charter is important for assigning ownership and ensuring clarity within the project team.