The Vision Statement identifies a future state for the product when the product reaches completion. The vision focuses on the conditions and defines the stakeholder's view of the product/service to be developed, specified in non-technical terms defining the stakeholder's key needs and features.

Often, the creation of the Vision Statement is lead by the product owner in close collaboration with the team.

The vision must be clear and easy to understand by all team members with a common purpose, but must be written with carefully selected verbiage as to not be misunderstood by team members.

The Vision Statement consists of the following data elements:

	Title
	What target group does the vision address?
	How does the product create value for the users?
	What makes the product special and desirable?
	Business Goals - How will the product benefit the company?
	Who are the competitors and what are the strengths and weaknesses of this product versus the competitor's product?
	Where will the money come from to fund the project?
	What are the major cost factors to develop, market and maintain the project?