The Initiation Phase Project Management process is an organized approach to ensuring the successful launch of a business project. This phase includes the identification, selection and approval of a project, as well as the creation of a project plan. The goal of the initiation phase is to establish clear project objectives and deliverables, while also creating a timeline and budget for the project’s completion. Important activities within the Initiation Phase include defining scope, assembling resources, developing cost-benefit analysis, establishing timelines and milestones, and determining key stakeholders.