Final answer:
The formal process for managing project changes is called Change Request Management. It entails a systematic approach for reviewing and approving changes, and is essential to control project scope and enhance outcomes.
Step-by-step explanation:
The formal process used to approve and manage all necessary project document and deliverable changes is known as Change Request Management. This process allows for a systematic approach to requesting, reviewing, and approving changes to the project's scope, schedule, cost, or quality. Change requests can arise from a variety of sources, including project stakeholders, team members, or changes in the project's environment. Once a change request is submitted, it goes through a defined set of steps:
- Submission of a formal change request.
- Assessment of the impact, benefits, and feasibility of the change.
- Decision-making by the Change Control Board or equivalent authority.
- Implementation of the change if approved.
- Communication of the change to all relevant stakeholders.
- Documentation of the change and its impact on the project.
This process ensures that changes are controlled and managed effectively, reducing the risk of project scope creep and ensuring that any changes contribute positively to the project's outcomes. It is a critical component of project management best practices.