Podcast
Questions and Answers
What is a common definition of a project according to the American National Standard ANSI/PMI99-001-2004?
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 common characteristics that projects share?
What are the three major dimensions that define project performance?
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?
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?
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?
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?
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?
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?
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?
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.
