Initiating Process

The initiation process is essential to the success of business succession planning. At this stage, the goals and objectives are set. The first step of this process is to create a mission statement and a vision statement.
The initiating process group is when a project is formally approved and assigned to a project manager. The group includes two primary processes: developing the project charter and identifying the project stakeholders.
Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. Within the Initiating processes, the initial scope defined and initial financial resources are committed.