Project Management Fundamentals

Study Notes

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.

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.

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.

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.

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.