[Will provide details at a later time]
Will a project succeed?
There are many mathematical models to justify/predict the success of a project.
Do we need to consider project stakeholders?
Yes. Because the project may benefit some people and may cause dis-advantages to some people. Project managers need to manage and convince both of the groups.
How a project is formalized?
A project charter is developed to present the business needs and the outcome. It is just a document that is reviewed before (or for)project authorization.