What is a project charter?

A project charter is a fundamental document that formally initiates a project. It serves as an official approval from stakeholders to start the project's work and outlines the project’s objectives, scope, key stakeholders, and high-level requirements. By providing this formal approval, the project charter establishes the authority and framework for the project, ensuring that everyone involved is aligned on the project's goals and understanding of its importance.

While the other choices represent important aspects of project management, they do not capture the essence of what a project charter is. For example, outlining project success criteria is a part of project planning but comes after the initiation phase. Similarly, a list of project team members is useful for organization but does not encompass the broader goals of the project initiation that the charter addresses. Lastly, a plan for project closing pertains to the end phase of the project, while the project charter is focused on beginning the project successfully. Thus, the correct understanding of a project charter is that it is a formal approval of the project initiation, capturing its essence as a starting point in project management.