What is the definition of a project charter?

A project charter serves as a foundational document that officially authorizes a project. It outlines the project's objectives, goals, and scope, effectively setting the direction for the project team and stakeholders. This formalization is crucial as it provides clarity on what the project is intended to achieve, establishes the boundaries of the project, and lays out the high-level requirements necessary for its success.

By defining the framework within which the project will operate, the project charter essentially acts as a contract between the project sponsor and the project manager, ensuring everyone involved has a common understanding. It includes key information such as project justification, stakeholders, risks, and important milestones, which are essential for guiding the project throughout its lifecycle. This formal authorization is a critical first step in project management, establishing a basis for planning and execution.

While the other options touch upon important elements of project management, they do not encapsulate the primary purpose of the project charter. A comprehensive list of tasks is part of project planning but is not what a charter is. A financial plan is focused on budgeting rather than authorization. A progress report reflects the current status of a project, which is distinct from the initial authorization.