One of the most critical document in the Project Life Cycle is the Project Charter. Without this, your project is same as a ship without a rudder. You have nothing to guide you in the precise direction.
The Project Charter identifies the project vision, targets, range, organization and execution plan. It helps you to fix the direction for the project and get buy in from your stakeholders as to how the project will be prepared and accomplished. It will also assist you to control the scope of your project, by determining precisely what it is that you have to attain.
Below are the necessary elements for effective project charter:-
1- Know the Project Vision: The first measure taken when determining a Project Charter is to identify the project vision. The vision encapsulates the purpose of the project and is the fixed end goal for the project team.
Identify your objectives. Then supported on the vision, list three to 5 targets to be reached by the project. Every aim should be Proper, Great, Attainable, Real and Time-bound (SMART).
Determine the Scope. With a good prospect of the Vision and Targets of the project, it’s time to determine the project scope. The scope specifies the prescribed edges of the project by identifying how the business will be changed or altered by the project delivery.
2- Describe the Project System: The succeeding step is to identify how the project will be structured by listing the clients, stakeholders, functions, responsibilities and reporting lines.
Customers: First, determine the project customers. A client is a person or individual that is obligated for receiving the deliverables when the project is accomplished.
Stakeholders: Then determine the project stakeholders. A stakeholder is a person or entity within or outside of the project with a specific key involvement or stake in the project.
For example, a Financial Controller will be involved in the price of the project, and a CEO will be concerned in whether the project aids to attain the company vision.
Roles: Now list the main roles needed in delivering the project. Examples of roles specifies the Project Sponsor, Project Board and Project Manager. Then sum up each of the serious obligations of each role known.
Structure: Once you get a good survey of the functions essential to undertake the project, you can describe the reporting lines between those purposes within a Project Organization Chart.
3- Arrange the Approach to Implementation: You now have a solid definition of what the project requires to accomplish and how it will be arranged to accomplish it. The succeeding step is to distinguish the implementation approach as follows.
Implementation Plan: To give the Client and Stakeholders with confidence that the project execution has been well thought through, create an Implementation Plan naming the phases, activities and timeframes required in undertaking the project.
Milestones: In addition, list several necessary milestones and describe why they are vital to the project. A milestone is typically an important project event, such as the achievement of a key deliverable.
Dependencies: Name some key dependencies and their criticality to the project. A dependency is defined as an action that is probably to impact on the project during its life cycle.
Resource Plan: Develop a plan which sums up the funds included in undertaking the project by listing the labor, equipment and materials involved. Then budget the financial resources needed.