What are the essential tools and techniques for EPM project charter development and approval?

1 Stakeholder analysis

Before you start writing your project charter, you need to identify and analyze your project's stakeholders, which are the individuals or groups that have an interest, influence, or impact on the project. Stakeholder analysis is a technique that helps you understand the needs, expectations, preferences, and concerns of your stakeholders, as well as their level of power, interest, and involvement in the project. By conducting a stakeholder analysis, you can tailor your project charter to address the key issues and benefits for each stakeholder group, and ensure their buy-in and support for the project. You can use various tools to conduct a stakeholder analysis, such as stakeholder mapping, interviews, surveys, or SWOT analysis.

2 SMART objectives

One of the main components of a project charter is the project objectives, which are the specific, measurable, achievable, relevant, and time-bound (SMART) outcomes that the project aims to deliver. SMART objectives are important for clarifying the project's purpose, scope, and success criteria, and for providing a basis for monitoring and evaluating the project's performance. To write SMART objectives, you need to use clear and concise language, quantify the expected results, align them with the strategic goals of the organization, and set realistic and achievable deadlines. You can use various tools to write SMART objectives, such as logic models, SMART criteria checklists, or SMART objective templates.

3 RACI matrix

Another key component of a project charter is the project roles and responsibilities, which are the tasks, activities, and decisions that each project team member and stakeholder is accountable for. Roles and responsibilities are crucial for defining the project's governance structure, communication channels, and decision-making processes, and for avoiding confusion, duplication, or conflict among the project participants. A RACI matrix is a tool that helps you assign and document the roles and responsibilities of each project team member and stakeholder, using four categories: responsible, accountable, consulted, and informed. A RACI matrix can help you create a clear and comprehensive project charter that specifies who does what, who approves what, who provides input, and who receives updates.

4 Project scope statement

The project scope statement is another essential component of a project charter, which describes the boundaries, deliverables, assumptions, constraints, and exclusions of the project. The project scope statement is vital for defining the project's work breakdown structure (WBS), which is a hierarchical decomposition of the project's work into manageable components. The project scope statement also helps to prevent scope creep, which is the unplanned and uncontrolled expansion of the project's scope due to changing requirements or expectations. To write a project scope statement, you need to use clear and precise language, list the project's main deliverables and sub-deliverables, identify the key assumptions and constraints that affect the project's execution, and state what is out of scope for the project. You can use various tools to write a project scope statement, such as scope statement templates, WBS software, or scope verification checklists.

5 Project charter approval process

The final step in developing a project charter is to obtain the approval of the project sponsors and key stakeholders, which signifies their formal authorization and commitment to the project. The project charter approval process is important for securing the necessary resources, support, and guidance for the project, and for resolving any potential issues or conflicts before the project starts. The project charter approval process may vary depending on the size, complexity, and nature of the project, but it typically involves the following steps: reviewing the draft project charter with the project team and stakeholders, soliciting feedback and incorporating changes, presenting the final project charter to the project sponsors and key stakeholders, obtaining their signatures or endorsements, and distributing the approved project charter to all relevant parties. You can use various tools to facilitate the project charter approval process, such as project charter review forms, approval matrices, presentation slides, or electronic signatures.