The Initiation Phase is the first step in project management, where the project's feasibility and value are assessed. During this phase, project goals, scope, and stakeholders are identified. A project charter is often created to outline the purpose, objectives, and key participants involved. This phase is crucial for setting a solid foundation for the project. It helps ensure that everyone understands the project's direction and expectations. By clarifying the stakeholders and their roles, the team can align their efforts and resources effectively, paving the way for successful project execution.