Project management in recent years has proliferated, reaching new heights of sophistication. It has emerged as a distinct area of management practices to meet the challenges of new economic environment globalization process, rapid technological advancement, and quality concerns of the stakeholders.
Project Definition
Project in general refers to a new endeavour with specific objectives and varies so widely that it is very difficult to precisely define it. Some of the commonly quoted definitions are as follows.
Project is a temporary endeavour undertaken to create a unique product or service or result. (AMERICAN National Standard ANSI/PMI99-001-2004)
What is a Project?
Project is a unique process, consist of a set of coordinated and controlled activities with start and finish dates, undertaken to achieve an objective confirming to specific requirements, including the constraints of time cost and resource.
Examples of projects include Building a dam, Constructing a shopping Mall, Wedding Planning, Developing new variety of a crop, Networking a block of offices, Developing a fitness centre, Construction of farm building, etc.
It may be noted that each of these projects differ in composition, type, scope, size and time.
Project Characteristics
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.
For more information on Project Management Cycle, Processes and Techniques you may contact Academy Training Group.
