From my experience, the initiation process can be divided into 4 phases for project management:

Objectives: The first phase involves creating an objective(s). This is where you determine what information you need about from the project so that they can justify the project. Objectives are essentially the outcomes businesses wish to obtain from completing projects as they are the outset goals.
Determining the Approach: The next step is to determine the approach to bring the project to fruition. This involves a preliminary list of tasks and methods required for the project. This also involved determining the steps in conducting research and gathering background information for aspects such as marketing, demographics, etc.
Scheduling and Budgeting: This phase involves setting up a reasonable time frame to complete the tasks given and propose deadlines. This would be a part of a budget proposal detailing the resources required to complete this project. Resources can range from equipment, personnel, databases, and liquid assets.
Delegating the Work: The final phase in the initiation process involves delegating the work flow among team members. Roles must be clearly defined so the project can remain on schedule.

References: http://smallbusiness.chron.com/initiating-process-project-management-36001.html