The Initiation stage establishes the strategic foundation of the project. Its objective is to transform an idea or business need into a formally approved initiative, ensuring that it addresses a clear opportunity, a defined problem, or an organizational mandate. Initial feasibility, expected value, and alignment with corporate objectives are assessed here.

In this phase, key stakeholders are identified, the preliminary scope is outlined, general resource estimates are made, and the key initial team is appointed. Formal sponsorship is also obtained from the Steering Committee and the Sponsor, ensuring institutional support and access to resources.

Success at this stage ensures that the organization invests time and budget only in projects with high value-generating potential.