Final answer:
Competitive forces and stakeholder demands are factors leading to the initiation of a new project. Formal project management offers benefits such as earlier issue identification, enhanced decision making, and upfront agreement of constraints.
Step-by-step explanation:
One of the factors leading to the initiation of a new project or program is competitive forces, as they can drive organizations to develop new projects or programs in order to gain a competitive advantage. Another factor is stakeholder demands, as the needs and expectations of stakeholders can influence the decision to start a new project or program. While natural disasters and political changes can sometimes have an impact on existing projects or programs, they are not typically factors that lead to the initiation of new ones.
On the other question, the benefit of formal project management is not increased compensation for Project Managers. The benefits include earlier identification of issues, which allows for timely corrective actions, enhancement of decision making through structured processes and methodologies, and upfront agreement of constraints, ensuring clear expectations and scope for the project.