Initiation is the first phase of the project lifecycle. This is where the project’s value and feasibility are measured. Project managers typically use two evaluation tools to decide whether or not to pursue a project:
Business Case Document – This document justifies the need for the project, and it includes an estimate of potential financial benefits.
Feasibility Study – This is an evaluation of the project’s goals, timeline and costs to determine if the project should be executed. It balances the requirements of the project with available resources to see if pursuing the project makes sense.