Chapter 5: Project Initiation

Initiation is the "Big Bang" of a project—the transition from a strategic idea to a formal organizational commitment. In the 2026 PMP exam, initiation is about setting the Project North Star and ensuring the delivery approach matches the context.

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The Initiation Pillars

• Strategic Justification: Why does this project deserve internal investment?
• Formal Authorization: Establishing the PM's "Social Contract" and power.
• Context Selection: Choosing the right delivery approach (Predictive, Agile, or Hybrid).

5.1 Business Case

Project selection metrics (NPV, IRR) and the strategic justification for value delivery.

Analyze Value →

5.2 Project Charter

Formal authorization, PM authority, and the strategic guardrails for the project.

Authorize Project →

5.3 Constraints & Assumptions

Identifying 'known unknowns' and the boundaries that define the project space.

Define Boundaries →

5.4 Delivery Strategy

Matching the delivery approach to the project's risk, complexity, and stability.

Choose Path →

Knowledge Check

Test your ability to handle initiation scenarios and charter approvals.

Verify Readiness →

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Key Takeaways

By the end of this chapter, you will be able to:

• ✅ Justify the "Why": Use financial metrics and strategic alignment to defend project selection.
• ✅ Establish Power: Define the PM's role and authority via the Project Charter.
• ✅ Set Boundaries: Distinguish between Assumptions (beliefs) and Constraints (limitations).
• ✅ Select Approach: Apply the Tailoring framework to choose Agile vs. Predictive at the start.