Description
A project plan is finalized when it is formally accepted and approved by the project sponsor and other designated stakeholders. Formal approval acknowledges that all the deliverables produced during the Plan Stage are complete, reviewed and accepted.

Signatures on the project plan document indicate final approval. This sign-off marks the plan as the go-forward agreement and can be viewed as a project management milestone.

Rationale/Purpose
The project plan is important because it provides baseline information such as the budget, schedule and management plans for executing and controlling the project.   A signed project plan represents a commitment to continue and to dedicate the required time and resources toward the project.  It ushers the way into the Execute and Control Stage.

Who is Involved
Project Manager
Project Sponsor
Project Stakeholders

Result
Approved Project Plan
Signed Project Plan Approval