The initiation stage is the first stage in the process of business project management. It comprises the activities that are necessary to define a new project, including its purpose, scope, objectives and outcomes, timeline and budget. During the initiation stage, stakeholders are identified and consulted on their needs and expectations for the project. The initiation stage also includes resource requirements, risk assessment and preliminary project plans. Ultimately, it’s primary purpose is to ensure that the proposed project is feasible and worth pursuing.