The project charter serves as a guide for the project team as they embark on their project. The charter identifies the project start and stop date, the project scope, project goal, and project team members. As the project evolves, the project charter is reviewed, modified, and improved to include new learning.
The charter helps to define what success looks like and helps to create clarity on project ownership. Without the charter, project teams are at risk of scope creep and competing for resources.