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The project charter is formally accepted and approved by the project sponsor and other designated stakeholders. Formal approval acknowledges the completion, review and acceptance of all the deliverables produced during the Initiate Stage.
The sponsor or the initiator signs the project charter. The PMBOK® Guide, 4th edition (new one) states: Projects are authorized by someone external to the project such as a sponsor, PMO or portfolio steering committee. The project initiator or sponsor should be at a level that is appropriate for funding the project.
According to PMI®'s PMBOK Guide (5th edition), a project charter is a document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
Typically signing of project charter is the responsibility of The project charter should be signed by someone with the authority to assign project resources and name the project manager, e.g. the Project Sponsor or the Senior Management but not the project managers themselves.
The project charter is an important document and a project should not be started without one. The success of the project cannot be measured without a project charter. It ensures that the project manager understands the sponsor's needs and requirements. It provides vital information needed to get the projects started.
The charter also identifies key stakeholders and the authority of the project manager. Furthermore, it's important for the project manager to lead draft of project charter because the project has a variety of tasks. Furthermore, it is necessary to identify specifically all steps or parts, and the team members could match for every task.
This refers to the key stakeholders involved in the project e.g. project manager, project sponsor, client, and team members their responsibilities, and reporting relationships.
According to PMI®'s PMBOK Guide (5th edition), a project charter is a document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
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