What are the primary activities conducted within the initiation phase of a project?

Select one:

The business problem or opportunity is identified, a solution is defined, a project is formed, and a project team is appointed to build and deliver the solution to the customer.

The project scope is defined, a project schedule is created, the budget is approved, and the project is funded.

The project manager is appointed, the project charter is developed, the project budget is reported, and stakeholders are engaged.