When you ae setting up projects you might need to go through an approval process to have the project accepted before being allowed to proceed. This might be more important in cost, investment type projects. You can use the original budget workflow to control  who the approval is routed in the organization. You can do a simple assignment based on fields on the project or more complex if you use a hierarchy.

Here is a quick overview.

AX2012 R3 CU11

Cheers

Lachlan