What is a Project ?

A project is a temporary endeavour undertaken to create a unique product, service or result.

Characteristics of a project?

• Project is temporary i.e. it has a start date and end date.

• Project is objective oriented.

• Project should Enable Business Value Creation.

• Project should drive some change.

• Usually involve Progressive Elaboration and Rolling Wave planning.

Explanation

Projects could arise as a result of:

1) Regulatory or social requirements;

2) Satisfy stakeholder needs;

3) Implement or change business or technological strategies

4) Create or improve products, processes, or services

• A project can bring about a Product, Service or a Result and are different from Operations. Like a building an office, developing a software, launching a new service etc. Projects are temporary in that they have a start and an end date, contrary to operations which are ongoing. Temporary however doesn’t mean it has to be short.

• An objective is defined as an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved or a result to be obtained Every project introduces a change in current business operations, taking it from one state to another.

• Projects enable business value creation, in the form of offering certain benefits. The benefit may be tangible, intangible, or both Tangible benefits include reduced time, cost etc. Example of intangible benefits would include goodwill, brand recognition etc.

• Progressive elaboration: The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available

• Rolling wave planning: An iterative planning method in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level