Questions and Answers
What is a common definition of a project according to the American National Standard ANSI/PMI99-001-2004?
What are the common characteristics that projects share?
What are the three major dimensions that define project performance?
What is the effect of increasing the scope of a project on the other dimensions?
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What is the recent addition to the project performance dimensions?
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What are the three primary parameters measured to assess the performance of a project?
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Which phase of the project life cycle involves the conception and initial appraisal of ideas?
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What is referred to as the 'Quality triangle' in project management literature?
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During which phase are detailed plans for activity, finance, and resources developed?
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What is typically the first phase in the project life cycle?
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Study Notes
Project Definition and Characteristics
- A project is a temporary endeavor undertaken to create a unique product or service with specific objectives.
- Projects have varying definitions, but common ones include:
- A unique process with a set of coordinated and controlled activities with start and finish dates, undertaken to achieve an objective. (ISO10006)
- A temporary endeavor undertaken to create a unique product or service or result. (American National Standard ANSI/PMI99-001-2004)
- Despite diversities, projects share common characteristics:
- Unique in nature
- Have definite objectives (goals) to achieve
- Require a set of resources
- Have a specific time frame for completion with a definite start and finish
- Involve risk and uncertainty
- Require cross-functional teams and interdisciplinary approach
Project Performance Dimensions
- Three major dimensions that define project performance are:
- Scope
- Time
- Resource
- These parameters are interrelated and interactive, often represented as an equilateral triangle (Figure 1).
- Any change in one dimension affects the other two.
- Successful project completion requires accomplishment of specified goals within scheduled time and budget.
- A fourth dimension, stakeholder satisfaction, is sometimes added, but can be argued to be part of the scope.
Project Life Cycle
- Every project passes through various phases of a life cycle, similar to living beings.
- There is no universal consensus on the number of phases in a project cycle.
- Understanding the life cycle is important for successful project completion as it facilitates understanding of the logical sequence of events.
- A typical project consists of four phases:
- Conceptualization
- Planning
- Execution
- Termination
- Each phase is marked by one or more deliverables, such as concept notes, feasibility reports, and evaluation reports.
Conceptualization Phase
- The conceptualization phase starts with the seed of an idea and covers:
- Identification of the product/service
- Pre-feasibility studies
- Feasibility studies
- Appraisal and approval
- The project idea is conceptualized with initial considerations of all possible alternatives for achieving project objectives.
- A proposal is developed, setting out rationale, method, estimated costs, benefits, and other details for appraisal of stakeholders.
- Feasibility dimensions are analyzed in detail after reaching a broad consensus on the proposal.
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Description
This quiz explores the definition and characteristics of a project. It covers various industry perspectives on what constitutes a project and highlights the importance of unique objectives and temporary endeavors in project management. Assess your understanding of these concepts with this engaging quiz.
