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As per the PMBOK:
A project is a work effort made over a finite period of time with a start and a finish to create a unique product, service, or result. Because a project has a start and an end, it is also called a temporary effort or endeavor
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.
We might use these 3 terms product or service or result interchangeably during the course of our study and remember that, though they might be 3 different things, from a project perspective, they all signify one thing - the project is completed successfully.
What else can I help you with?
What is PMBOK and what role does it play in quality assurance?
PMBOK: Project Management Body of Knowledge. For a comprehensive article on PM Hut, check the Project Management Reference page below.
What is the full form of PMBOK?
Project Management Body of Knowledge
Explain the major phases of a project?
The PMBOK (PMI) defines the essential project phases as: 1. Initiate 2. Plan 3. Execute 4. Monitor and Control 5. Close For additional research, Google "PMBOK".
What are the PMBOK best practices for project management?
The Project Management Body of Knowledge (PMBOK) outlines best practices for project management, including processes for initiating, planning, executing, monitoring and controlling, and closing projects. It also emphasizes the importance of stakeholder engagement, risk management, and effective communication throughout the project lifecycle.
How do you study for PMP exam?
The PMP Exam is getting harder every year. The most important thing is the PMBOK, you have to think of the PMBOK as the bible for Project Management. You should memorize it, and you should answer questions in the PMP exam not based on what you think but based on what you think the people who wrote the PMBOK think.Even Project Managers with decades of Project Management experience can still fail the exam (actually they tend to fail more than junior PMs who study hard for the exam), because experience is irrelevant, it's just studying and memorizing the PMBOK.
What is PMBOK and what role does it play in quality assurance?
PMBOK: Project Management Body of Knowledge. For a comprehensive article on PM Hut, check the Project Management Reference page below.
What is the full form of PMBOK?
Project Management Body of Knowledge
How many project management processes are defined in the pmbok guide?
42
Explain the major phases of a project?
The PMBOK (PMI) defines the essential project phases as: 1. Initiate 2. Plan 3. Execute 4. Monitor and Control 5. Close For additional research, Google "PMBOK".
What are the PMBOK best practices for project management?
The Project Management Body of Knowledge (PMBOK) outlines best practices for project management, including processes for initiating, planning, executing, monitoring and controlling, and closing projects. It also emphasizes the importance of stakeholder engagement, risk management, and effective communication throughout the project lifecycle.
How do you study for PMP exam?
The PMP Exam is getting harder every year. The most important thing is the PMBOK, you have to think of the PMBOK as the bible for Project Management. You should memorize it, and you should answer questions in the PMP exam not based on what you think but based on what you think the people who wrote the PMBOK think.Even Project Managers with decades of Project Management experience can still fail the exam (actually they tend to fail more than junior PMs who study hard for the exam), because experience is irrelevant, it's just studying and memorizing the PMBOK.
What are the key differences between Prince2 and PMBOK methodologies and which one is more suitable for project management in your organization?
Prince2 and PMBOK are two popular project management methodologies with key differences. Prince2 is more prescriptive and focuses on project stages and processes, while PMBOK is more flexible and emphasizes knowledge areas and processes. The choice between the two depends on the specific needs and culture of your organization. Consider factors such as project complexity, organizational structure, and stakeholder preferences to determine which methodology is more suitable for project management in your organization.
Where might one find a guide to the project management body of knowledge PMBOK?
By searching in your local library, one is sure to find a guide to the project management body of knowledge (also known as PMBOK). The U.S. Department of Defense typically also has a copy.
What is PMI Project Management Framework?
The Project Management framework is the first section of the PMBOK and serves as the foundation for the rest of the book. In short, the project management framework represents the structure used to discuss and organize projects. The PMBOK uses this structure to document all facets of a project on which consensus has been reached among a broadly diverse group of project managers. The PMBOK is not only the document that defines the methods to manage projects; it is also the most widely accepted project management foundation. This document provides a baseline of reference for managing projects and teaching the fundamental concepts of project management.
Definition of risk in PMBOK 4th ed?
The official definition of a Risk & Risk Management as per the PMBOK Guide is: A Risk is an uncertain event or condition that if it occurs, has a positive or negative effect on a Project's Objectives.
What key role does the PMBOK guide have in the project management profession?
It guides project managers by providing them with methods that are considered best practiceIt documents the project management principles of PMI
What key roles does the PMBOK Guide have in the project management profession?
It guides project managers by providing them with methods that are considered best practiceIt documents the project management principles of PMI
