Initiative in Project Management – Definition and Meaning
An initiative is a planned endeavor, concept, idea, or pre-project that has not yet reached the status of a formally approved and started project. The term is often used to describe potential future projects or larger initiatives in an early phase of definition, evaluation, or planning, serving as precursors for one or more concrete projects and often considered within idea or portfolio management.
Example, best practice, and further information on the term
A strategic initiative of a company could be the exploration of expansion into a new geographic market. This initiative would first be analyzed and evaluated before potentially deriving concrete projects (e.g., market analysis project, site establishment project). A proven best practice is the systematic capture, evaluation, and prioritization of such initiatives within strategic portfolio management (see PMBOK Guide) or the early phases of product development (similar to backlog grooming/refinement in agile methods). This helps focus limited resources on initiatives with the highest strategic value and greatest likelihood of success.