Project Initiation

This is the part where the project idea is discussed with the stakeholders. Here, we discuss the feasibility of the project, and decide if it is really worth moving forward with the project at all. A few things which might be discussed are:

In this phase, the business analyst or the stakeholder(s) will create a high-level requirements document. This document will list the aim of the project and its fundamental business logic in business terms. One can also create RFQ (Request For Quotation) or RFI (Request For Information) documents to be sent to other firms who might be willing to bid for the development of the project, or to the internal development team for further development time and cost estimates.

So in this first stage, the stakeholders discuss and decide on the business feasibility of the project and prepare a document that captures most of the requirements at a very high level.