What is Project in Project Management? Meaning and Definition

What is Project in Project Management Meaning and Definition
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A project is a temporary endeavor undertaken to create a unique product, service, or result. What is Project in Project Management? Meaning and Definition. The planned set of reciprocal works should be executed within a certain period and some costs and other limitations. Also learn, What is Corporate Entrepreneurship? Meaning and Definition. Like most organizational effort, the major goal of a project is to satisfy a customer’s need. Beyond this fundamental similarity, the characteristics of a project help differentiate it from other endeavors of the organization.

Now Project Management is explaining What is Project? Understand as well as Meaning and Definition.

What is a project in project management? Simply put, a project is a series of tasks that need to be completed in order to reach a specific outcome. A project can also be defined as a set of inputs and outputs required to achieve a particular goal. Projects can range from simple to complex and can be managed by one person or a hundred. Explain by www.wrike.com.

A project is defined as a “temporary endeavor with a beginning and an end and it must be used to create a unique product, service or result”. Further, it is progressively elaborated. What this definition of a project means is that projects are those activities that cannot go on indefinitely and must have a defined purpose.

Meaning and Definition:

The project is a great opportunity for organizations and individuals to achieve their business and non-business objectives more efficiently through implementing change. Projects help us make desired changes in an organized manner and with reduced probability of failure.

A Project is a temporary, unique and progressive attempt or endeavor made to produce some kind of a tangible or intangible result (a unique product, service, benefit, competitive advantage, etc.). It usually includes a series of interrelated tasks that are planned for execution over a fixed period of time and within certain requirements and limitations such as cost, quality, performance, others.

The “project manager” is in charge of the planning and execution of a project. He makes sure that everything is following the client’s vision and quality standards. He will also be held accountable for the project’s success or failure.

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People have been “managing projects” for centuries. They went from using traditional tools such as pen and paper to the use of advanced technologies. Currently, project managers employ the use of project management tools to speed up and ease the entire work process.

The major characteristics of a project are as follows:

  • An established objective.
  • A defined lifespan with a beginning and an end.
  • Usually, the involvement of several departments and professionals.
  • Typically, doing something that has never been done before.
  • Specific time, cost, and performance requirements.

First, projects have a defined objective—whether it is constructing a 12-story apartment complex by January 1 or releasing version 2.0 of a specific software package as quickly as possible. This singular purpose is often lacking in daily organizational life in which workers perform repetitive operations each day.

Second, because there is a specified objective, projects have a defined endpoint, which is contrary to the ongoing duties and responsibilities of traditional jobs. In many cases, individuals move from one project to the next as opposed to staying in one job. After helping to install a security system, an IT engineer may be assigned to develop a database for a different client. This question better explain What is the Cost of Capital? Meaning and Definition.

Third, unlike much organizational work that is segmented according to functional specialty, projects typically require the combined efforts of a variety of specialists. Instead of working in separate offices under separate managers, project participants, whether they be engineers, financial analysts, marketing professionals, or quality control specialists, work closely together under the guidance of a project manager to complete a project.

The fourth characteristic of a project is that it is nonroutine and has some unique elements. This is not an either/or issue but a matter of degree. Obviously, accomplishing something that has never been done before, such as building a hybrid (electric/gas) automobile or landing two mechanical rovers on Mars, requires solving previously unsolved problems and breakthrough technology. On the other hand, even basic construction projects that involve established sets of routines and procedures require some degree of customization that makes them unique.

Finally, specific time, cost, and performance requirements bind projects. Projects are evaluated according to accomplishment, cost, and time spent. These triple constraints impose a higher degree of accountability than you typically find in most jobs. These three also highlight one of the primary functions of project management, which is balancing the trade-offs between time, cost, and performance while ultimately satisfying the customer. Business finance accounting Managing by simple accounting system of Bookkeeping, as well as understand What is Bookkeeping? Meaning and Definition.

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What a Project Is Not Projects should not be confused with everyday work. A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed. Recognizing the difference is important because too often resources can be used upon daily operations which may not contribute to longer range organization strategies that require innovative new products.

Program versus Project In practice the terms project and program cause confusion. They are often used synonymously. A program is a group of related projects designed to accomplish a common goal over an extended period of time. Each project within a program has a project manager. The major differences lie in scale and time span. Program management is the process of managing a group of ongoing, interdependent, related projects in a coordinated way to achieve strategic objectives.

For example, a pharmaceutical organization could have a program for curing cancer. The cancer program includes and coordinates all cancer projects that continue over an extended time horizon. Coordinating all cancer projects under the oversight of a cancer team provides benefits not available from managing them individually. This cancer team also oversees the selection and prioritizing of cancer projects that are included in their special “Cancer” portfolio. Although each project retains its own goals and scope, the project manager and team are also motivated by the higher program goal. Program goals are closely related to broad strategic organizational goals.

What are the basic phases of a project and their purposes? This Question is explain by managementstudyguide.com.

The phases of a project make up the project life cycle. It is convenient for the project managers to divide the project into phases for control and tracking purposes. Each milestone at each stage is then elaborated and tracked for completion. The basic phases of a project are dependent on the kind of project that is being carried out. For instance, a software project may have the requirement, design, build, test, implementation phases whereas a project to build a metro or a building may have different names for each phase.

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Thus, the naming of the phases of a project depends on the kind of deliverables that is sought at each phase. For the purpose of definition, the phases may be divided into an initial charter, scope statement, plan, baseline, progress, acceptance, approval, and handover. This classification is according to the PMBOK. Thus, the phases of a project are closely correlated with that of the project cycle.

The purpose of each phase of the project is a set of deliverables that are agreed upon before the project starts. For instance, in a software project, the requirement phase needs to generate the requirement documents, the design phase the design document etc. The build phase in a project delivers the completed code whereas the test phase is about the completed testing for the deliverables.

Each phase of the project is associated with a certain milestone and the set of deliverables that each phase is expected to deliver is then tracked for compliance and closure. The Project Life Cycle consists of the initiating, executing, controlling and closing processes of the framework as described in the PMBOK. Each of these processes is necessary to ensure that the project stays on track and is completed according to the specifications.

What is Project in Project Management Meaning and Definition
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