After selecting a project, it's important to formalize it by creating a project charter. The purpose of a charter is to formally recognize the existence of a project and provide direction on the project's objectives and management. For this discussion: 1. Identify and discuss three reasons why having a good project charter can help highlight important business, project, and management concerns; 2. Review the course materials and the class project and templates for the Team Contract, Team SWOT, and Project charter and explain (in 200-300 words) how using these templates and can help project managers and their teams. Also, explain whether projects need each document to be successful. 3. What does research suggest as a best practice for how much time should be spent in initiating and planning activities for projects? Do you think that estimate is realistic