Why is it important to write and approve the project charter?

The project charter (Project Charter) helps to understand where we are going and what we want to achieve. The statute provides a formal starting point.
Initiation - the emergence of the idea that the project should be - occurs a little earlier. The Charter formalizes this thought and does not allow us to go astray as we move.

The charter should very briefly describe the objectives of the project, the timeframe, and if possible the risks and budget. Although the body of knowledge PMI recommends taking into account additional parameters, but for most small projects this is enough.

In the simplest case, the charter of the project can be compared with the application for leave. Any worker at least once, yes, wrote such a statement: "I ask you to give me leave from one day to another and give holiday pay."

In the project called “Vacation”, the application for leave is the project charter. Here is the goal - “vacation” and terms - “from and to” and even the budget.
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When working in a large company, a charter signed by a top management can, in some cases, save it from “sharp jumps to the side” or the growth of requirements.

If this happens, the project manager should think about the advisability of continuing the current project and initiating a new one.

In addition, the approved project charter shows that all key stakeholders understand the objectives of the project.