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In this video tutorial, the speaker introduces the concept of developing a project charter, providing a sample template for those unfamiliar with it. A project charter is used to initiate a project and is often the first document created once a project is assigned. It assigns ownership of the project to you, making it clear to everyone involved. Some organizations may refer to it as a PID (project initiation document) if they follow prince2 terminology. The project charter is essential for ensuring clarity and accountability in project management.