What is Project Initiation Phase?
Project Initiation Phase is the first phase of the project life cycle, focused on evaluating, defining, and justifying a project idea to secure stakeholder approval and funding. During this stage, the project’s purpose, goals, and expected value are established, such as solving a problem, meeting customer needs, seizing a market opportunity, or fulfilling regulatory requirements.
The initiation phase involves research, feasibility assessment, and the creation of persuasive proposals or supporting documents that outline the benefits and anticipated impact of the project. Unlike the project planning phase, which organizes how the work will be executed, project initiation determines whether the project should move forward at all.
