What are the various characteristics of a project?

Answer 1

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.