This activity is largely about pulling together the work completed in the phase. The final document is substantially a collection of attachments that have been created up to this point. As you work through each component, previously completed components may change so you need to revisit each document to ensure it is correct at the final point.
At this stage, cost may still be out by 100%. The potential
variation should be identified in the Project Charter. For
example if the project is straight forward, and is similar
to many others, the potential variation may be small - say
20%. If the project is addressing a new area (new technology,
new functionality), it may be 100% or even more in some cases.
The financial's of the Project Charter may need input from your Financial area to ensure it meets the specific requirements of the organisation. For example, you will need to ensure you use an inflation rate that mirrors other estimates in the company when calculation NPV (Net Present Value)
There are two related documents:
- The Project Management Plan identifies how the project
will be managed. It describes the mechanics of the project
management process. The PMP is produced later in the phase.
- The Schedule shows the activities, times, sequencing and
resources to be applied to the project. It exists in draft
but will be refined later in the phase.