A project charter template is a statement of the project scope, objective, and stakeholders. It defines the project in all of its details. As the first phase of the project is to define the project scope and objectives. Thus, project managers make a project charter using a template to present in front of investors.
It is a formal document that describes the project scope, objective, deliverables, and strategies for project successful completion. Also, the project charter is useful in all the project phases. Thus, project managers put a lot of effort into making an effective, accurate, and proper project charter. You may also like MOU Template.
Investors use a project charter to analyze the feasibility and profitability of the project. Thus, it plays a very important role in project management. A project charter is also referred to as project definition or project statement. However, it is a little different from the project statement of work.
The project statement of work is a contract between the client and the agency. While it’s formal form is known as the project charter. Also, the project SoW only focuses to describe the project scope, deliverables, objectives, and assumptions. While the project charter discusses these aspects in detail in terms of 7W’s strategy.
Project Charter Components:
The project charter develops a clear understanding of the project key stockholders and used as a tool to attract investors. Therefore, the essential elements of the project charter document are:
- Project Introduction
- Project Statement and Scope
- Project Success Criteria
- Project Requirements and Deliverables
- Project Budget Estimation
- Project Schedule and Milestone
- Project Assumption and Constraints
- Project Risk and Issue Management
- Project Team and Organization Introduction
- Stakeholder Approvals
Project Charter Objectives and Benefits:
The project charter template document is very essential and one of the earliest required documents for a project. It covers all the details with logical reasoning and analysis of the project scope, objectives, and deliverables.
The essential components of the project charter include project overview, details, scope, team, organization, timeline, and resource, and communication plan.
The project charter is beneficial in attracting investors. The key stakeholders of the project are identified using the project charter. It helps to explain the project value. Save a lot of time and gives clarity about the project budget.
It works as a guideline for the project team to work on project activities. Also, the project team gets inspired by the project guidelines, and their morale gets boosted. You should also check the Logic Model Template.
How to Create a Project Charter Template?
There isn’t any hard and fast rule to make a project charter. However, project management professionals have defined a few guidelines to make a project charter.
Moreover, several MS Word-based templates are available on the internet to make an effective project charter. These templates outline the structure and format of the project charter. So, it allows the project managers to have a basic understanding of what information has to be included in the project charter template. You may also see the Creative Brief Template.
Also, it is important to do proper research and gather the most relevant information about the project and present it to the project team. It is important to include information about the communication mediums and frequency of communication. Make a draft of the project charter and present it to sponsors and stakeholders for approval.