What is a Project?

A project is “a temporary endeavor undertaken to create a unique product, service, or result. Temporary means that every project has a definite beginning and a definite end. Unique means that the product or service is different in some distinguishing way from all similar products or services.

Advantages of Managing Projects

· Better control of financial, physical, and human resources. 

· Improved customer relations. 

· Shorter development times. 

· Lower costs. 

· Higher quality and increased reliability. 

· Higher profit margins. 

· Improved productivity. 

· Better internal coordination. 

· Higher worker morale (less stress)

A project ends when its objectives have been reached, or the project has been terminated. Projects can be large or small and take a short or long time to complete.

Examples of projects

· Developing a new product or service

· Acquiring/Implementing a software product

· Constructing a building or facility

· Running a campaign for political office

· Implementing a new business process

Project Characteristics 

Despite above diversities, projects share the following common characteristics. 

· Unique in nature. 

· Have definite objectives (goals) to achieve. 

· Requires set of resources. 

· Have a specific time frame for completion with a definite start and finish. 

· Involves risk and uncertainty. 

· Requires cross-functional teams and interdisciplinary approach.