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A project is a work effort made over a finite period of time with a start and a finish to create a unique product or service or result. Because a project has a start and a finish, it is also called a temporary effort or endeavor. In other words, a project is a temporary endeavor taken to create a unique product, service or result. So, a project has two defining characteristics: It is temporary, and it creates a unique result.
Let's try to understand these two defining concepts: temporary and unique.
Temporary - The temporary nature of projects refers to the fact that each project has a definite beginning and a definite end. A project can reach its end in one of two possible ways:
• The project has met its objectives-that is, the planned unique product has been created or the results achieved.
• The project has been terminated before its successful completion for whatever reason.
The temporary nature of projects can also apply to two other aspects:
• The opportunity to market the product that the project will produce is temporary-that is, the product needs to be produced in a limited timeframe; otherwise, it will be too late.
• A project team is temporary-that is, the project team is disbanded after the project ends, and the team members may be assigned to other projects eventually.
However, remember that the temporary nature of a project does not refer to the product it creates. The results or outcomes of a project are usually long lasting. Go back to the building your home example. Even though the construction process ends after say 9 months, your house is going to stand forever (Unless you plan on renovating or rebuilding it from scratch, which by themselves will be separate projects)
The second defining characteristic of a project is that it must create a unique product.
Unique product - The outcome of a project must be a unique product, service, or result.
How do these 3 terms differ from one another?
• Product - This is a tangible, quantifiable artifact that is either the end item or a component of outcome. The LCD TV in your living room or the fast BMW Car you drive or the nice diamond pendant you got your wife on her birthday are some examples of products.
• Service - Actually, when we say a project can create a service, we really mean the capability to perform a service. For example, a project that creates a website for a bank to offer online banking has created the capability for the bank to offer the online banking to its customers.
• Result. This is usually the knowledge related outcome of a project-for example, the results of an analysis performed in a research project
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∙ 12y ago
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How IT project management is different from project management?
I do not see it as being different. Project management methodology and sound practices can be applied to all projects. That doesn't mean the projects work breakdown won't look different for a construction project versus an software project. But he 'management' of the project should follow the same or similar methodology.
What is project documentation?
Project Documentation is the different documents that are produced during the lifetime of a project, such documents include the business case, the project plan, and the end project report.
What are to different meanings for project?
To display or to present
What is a Project Document Distribution Matrix?
Distribution of documents for different reviewers based on their role in the project.
What are the different organization structures recommended for project organization and what are their advantages and disadvantages?
What are the different organization structures recommended for project organization? Discuss their advantages and disadvantages
How do you make our project different?
by changing your project
What is an interdisciplinary project?
An interdisciplinary project involves collaboration across different academic disciplines or fields of study. It integrates knowledge and methodologies from multiple disciplines to address complex problems or questions that cannot be adequately understood or solved within the framework of a single discipline.
How IT project management is different from project management?
I do not see it as being different. Project management methodology and sound practices can be applied to all projects. That doesn't mean the projects work breakdown won't look different for a construction project versus an software project. But he 'management' of the project should follow the same or similar methodology.
What is project documentation?
Project Documentation is the different documents that are produced during the lifetime of a project, such documents include the business case, the project plan, and the end project report.
What are different termination modes of project?
1) Project Termination by Extinction 2) Project Termination by Addition 3) Project Termination by Integration 4) Project Termination by Starvation
Explain how a project is different from a business?
A business is an organization, and a project is just something that an organization does.
3 different database project?
3 different database projects
How is it project teams structured?
Project teams are structured in different ways depending on the needs of the project. In projectized organizations, the project manager is responsible for the entire project, including locating team members.
What are some project ideas?
To do different moms
What are to different meanings for project?
To display or to present
What is a Project Document Distribution Matrix?
Distribution of documents for different reviewers based on their role in the project.
What is the difference between ms project and ms Excel?
These different applications are for different purposes you may need both.Project for planning and supporting project workExcel for calculating stuff.
