It is noted that organizations having a higher project management maturity are able to drive change better to realize outcomes and achieve their strategic objectives. The major processes in a project lifecycle include initiating, setting up, delivery and monitoring, and closing. All these processes recur across multiple stages of the project. The project charter contains the following information: Name of the project; Name of the Project Manager and the Project Sponsor; Outline Business Case; and so on. As in program management, the initial step the Project Manager needs to take is to identify the project-specific stakeholders, their stances, interests, and so on. Requirements management is a key to project success. This includes a structured approach for gathering requirements, and ensuring that the requirements are implemented appropriately in the final deliverables. Product Breakdown Structure provide clarity about what needs to be produced first rather than moving into questions about when they need to be or how they need to be produced.