Define the role of initiation phase in the project management.

Initiation phase:

The initiation phase is the starting of the project. In this phase, the concept for the project is elaborated and explored. The objective of this phase is to check the feasibility of the project. Additionally, decisions are made relating who is to carry out the project that party or parties will be included and whether the project has an enough base of support in between those who are included.

Into this phase, the recent or prospective project leader writes a proposal that consists of a description of the above-mentioned all issues. Illustrations of this type of project proposal comprise business plans and grant applications. The likely sponsors of the project estimate the proposal and, on approval, give the essential financing. The project officially starts at the time of approval.