IFMA Exam CFM Topic 7 Question 5 Discussion

The project charter is the first step in initiating any office relocation project. It serves as the formal authorization that outlines:

Project scope -- Defines what is included/excluded.

Objectives -- Establishes the purpose and expected outcomes.

Key stakeholders -- Identifies project sponsors, decision-makers, and involved teams.

Preliminary timeline and budget -- Provides a high-level cost estimate and schedule.

Without a project charter, there is no official approval or framework for developing the program, securing budgets, or signing new leases.