When the project sponsor signs off on a project charter, her signature signifies the decision to move forward with the next step of the project—project planning. This approval suggests a willingness to invest the time and resources necessary to plan the project in detail, bring on a project team, and position the team to execute the project’s detailed plans.
A project without a good plan is like a ship adrift in a foggy sea: There is little sense of direction. The opportunity for getting off course greatly increases. Good planning saves time and money, and it significantly increases a project’s chances for success.