Project Management Fundamentals

What is a Project?

• Projects are the building blocks to meet an organization's objectives.
• Projects are executed to achieve specific objectives within a certain time frame.
• Projects are involved in various industries such as construction, aerospace, defense, and information technology.

Meaning of Project

• A project is a scientifically planned effort to achieve a specific objective within a certain time frame.
• A project involves investment of resources for a specific objective and causes irreversible change.
• A project can be considered as a proposal involving capital investment for the purpose of developing facilities to provide goods and services.
• Examples of projects include manufacturing projects, power projects, refinery projects, health projects, educational projects, social projects, construction projects, and information technology projects.

Definition of Project

• According to the Project Management Institute, USA, "A project is a temporary endeavour undertaken to create a unique product, service, or result."
• A project is a specific activity with a specific starting point and a specific ending point, intended to accomplish a specific objective.

Features of a Project

• Every project is unique in nature.
• A project has a fixed set of objectives (goals) to achieve.
• Once the objectives have been achieved, the project comes to an end.
• A project has a specific time frame for completion with a definite start and finish.
• A project requires a set of resources.
• Every project has risk and uncertainty associated with it.
• A project is developed by a dedicated team of workforce.
• A project has a life cycle reflected by growth, maturity, and decline.
• Change is an inherent feature in any project throughout its life.
• A project is based on a systematic procedure and it is difficult to learn fully the end results at any stage.
• A project works for a specific set of goals with a complex set of different activities.
• High level of sub-contraction of work can be done in a project.
• Well-qualified professionals efficiently execute complex mega projects.

Types of Projects

• Normal Projects: Adequate time is allowed for implementation, and all phases can take their normal time, with minimum requirement of capital cost, and no sacrifice in terms of quality.
• Crash Projects: Require additional costs to gain time, with maximum overlapping of phases, and simultaneous work by subcontracting is preferred.
• Disaster Projects: Undertaken due to unexpected natural calamities or urgent needs, with a high capital cost, and a drastically reduced project time.