The official business definition of Develop Project Charter is a document that formally authorizes a project and provides a framework for managing it. It is the first step in initiating a project and is typically created by a project manager or project sponsor. It outlines the project objectives, scope, timeline, budget, resources, and other important considerations. It is important to note that the charter serves as a binding contract between all stakeholders involved in the project and is essential in setting expectations and aligning everyone on the same objectives. The charter also serves as an agreement between all parties to ensure that the project is completed on time and within budget. Additionally, the charter can be used to track progress and mitigate any potential issues as the project progresses. Ultimately, the Develop Project Charter serves as the basis for the entire project and is essential in setting the project up for success.