At the start-up point in the PRINCE2 project management method, you’re simply getting together enough information to check if the project is worth planning in detail and to provide key information for planning.
Key: Do this really fast.
Decision at the end: Shall we go on to full planning (initiation)?
Put key roles in place (minimum is Project Executive and Project Manager)
Produce the Project Brief (sketch of the project idea)
Make sure the Business Case looks viable – but only in outline
Make sure that the risks look acceptable – but, again, only in outline
Plan the Initiation Stage, allowing for risk analysis and the Business Case
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Source:http://www.dummies.com/how-to/content/project-startup-with-prince2.html
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