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The project sponsor owns a project charter. Project Sponsor authorizes the Project Charter, but the Project Manager can create it. Project Stakeholders should approve every Project Charter. Once the Project Charter is approved, it cannot be changed throughout the project life cycle.

Project charter should remain unchanged unless the project purposes or goals should be revised without the termination of project. Termination should seriously be considered if the original project purposes and goals are not met.

What Are the Contents of a Project Charter? A project charter should always include an overview, an outline of scope, an approximate schedule, a budget estimate, anticipated risks, and key stakeholders. Each of these sections should be brief, but as thorough as possible.

A contract is a legal agreement between two parties or separate organizations, while a project charter is a document that formally acknowledges the existence of the project. Additionally, a project charter is not a legally binding agreement.

A project charter should only include three elements: your project objectives, scope, and responsibilities. Once your charter has been approved, you should then create a project plan. Your project plan builds on your project charter to provide a more in-depth blueprint of the key elements of your project.

To create a project charter, follow the below steps. Identify the project vision. Identify the stakeholders and the customers. Create an organizational chart. Define project milestones. Create a resource plan. Set the budget for the project. List down the dependencies, constraints, and risks. Lay out the implementation plan.

The change charter is the only document that reflects your true baseline on why the project is being started. Since the charter demonstrates what changed during the initiative, it helps tell the project story, even if people left the project.