Explanation: Projects are initiated by sponsors who gather the information required to gain approval for the project to be created. Information often compiled into the terms of a project charter includes the objective of the project, business case and problem statement, stakeholders in the system to be produced, and project manager and sponsor.
Following are the steps to initiate the project:

• Conduct a feasibility study: Feasibility study starts once initial approval has been given to move forward with a project, and includes an analysis to clearly define the need and to identify alternatives for addressing the need. A feasibility study involves:
  – Analyzing the benefits and solutions for the identified problem area
  – Development of a business case that states the strategic benefits of implementing the system either in productivity gains or in future cost avoidance and identifies and quantifies the cost savings of the new system.
  – Estimation of a payback schedule for the cost incurred in implementing the system or shows the projected return on investment (ROI)
• Define requirements: Requirements include:
  – Business requirements containing descriptions of what a system should do
  – Functional requirements and use case models describing how users will interact with a system
  – Technical requirements and design specifications and coding specifications describing how the system will interact, conditions under which the system will operate and the information criteria the system should meet.
• Acquire software: Acquiring software involves building new or modifying existing hardware or software after final approval by the stakeholder, which is not a phase in the standard SDLC process. If a decision was reached to acquire rather than develop software, this task should occur after defining requirements.

Incorrect Answers:
D: Risk management is planned latter in project development process, and not during initialization.