1. A funded research activity with defined start and end dates. 2. A product or service that can solve a problem or address a need in the organization. The Project Charter describes the business case or project need; describes the proposed solution and/or the product description; identifies the clients of the project and why they will benefit from the project; ties the project to the organizationís business and/or strategic plan; provides a list of any known constraints and major alternatives considered; includes the budget, resource requirements, and governance for completing the Project Initiation Plan.