Week 3 Discussion

Page 1 of 1 MGT3035 Fundamentals of Project Management

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Developing a Project Charter The project charter begins with a summary statement thoroughly describing the project deliverables, summary target costs, and overall milestones. The charter should also produce conceptual, but early and initial project scoping, which is an early identification of the major deliverables presented in a type of format helpful for minimizing changes to the project in the later phases. The project charter should also clearly outline the priorities of a project—what is most important and what is relatively less important. This helps in assessing trade-offs later on. Setting the relative standing of even the top-most priorities is vital because conflicts almost always happen. The first derivative of the project charter is the project scope statement. In this, the target accomplishments of the project are recorded in their entirety. Thereby, the boundaries of the project are established for contractual and other formal purposes. The modes in which the deliverables of the project will be officially accepted by the customer are also stipulated. The project plan is then developed. Negotiations with the sponsor or the stakeholders are often needed and can consume much time. Negotiating is acceptable and serves as an example of one of the positive dynamics of the planning process. Changes have to be documented with an accompanying revision of the project baseline—this actually happens continuously throughout the life of the project.