Update the project charter. Updating the project charter would be the next step for the project manager after
identifying the project team during the project initiation phase. A project charter is a document that formally
authorizes a project and defines its purpose, scope, objectives, deliverables, milestones, roles and
responsibilities, assumptions, constraints, risks, budget, and timeline. A project charter can help to align the
expectations and interests of all stakeholders involved in a project and provide direction and guidance for
planning and executing the project.