Project Management Initiation is an important step in the development of any business project. It is the process of creating a plan for the project, including the scope, timeline, budget, and objectives. This plan is the basis for all future decision-making and communication related to the project. At the same time, it is an official document that provides a detailed overview of the project scope and objectives, as well as a timeline and budget. The plan also includes a risk assessment, outlining the potential risks and how they will be managed. During the project initiation phase, stakeholders are identified and the roles and responsibilities of each are defined. This serves to ensure that everyone responsible for the project is on the same page, and that any conflict or confusion is avoided. Furthermore, all relevant stakeholders must approve the project’s scope and objectives, so that everyone is in agreement on the overall goal.