Definition and Characteristics of Project

Project is a great opportunity for organizations and individuals to achieve their business and non-business objectives more efficiently through implementing change. Projects help us make desired changes in an organized manner and with reduced probability of failure.

A Project is a temporary, unique and progressive attempt or endeavor made to produce some kind of a tangible or intangible result (a unique product, service, benefit, competitive advantage, etc.). It usually includes a series of interrelated tasks that are planned for execution over a fixed period of time and within certain requirements and limitations such as cost, quality, performance, others.

Projects differ from other types of work (e.g. process, task, procedure). Meanwhile, in the broadest sense a project is defined as a specific, finite activity that produces an observable and measurable result under certain preset requirements.

Characteristics of a Project

(a) Project has a owner, who, in the private sector, can be an individual or a company etc., in the public sector, a government undertaking or a joint sector organization, representing a partnership between public and private sector.

(b) Project has a set objective to achieve within a distinct time, cost and technical performance.

(c) Project is planned, managed and controlled by an assigned team the project team planted within the owner’s organization to achieve the objectives as per specifications.

(d) Project, in general, is an outcome in response to environments economies and opportunities. As an example, we find that considering the changing pattern of modern living the domestic appliances small e.g. grinders, mixers etc., and large, e.g. refrigerators, washing machines etc. are on ever-increasing demand. This generates responses to avail opportunity to produce such appliances.

(e) Project is an undertaking involving future activities for completion of the project within estimates and involves complex budgeting procedure with a mission.

(f) Implementation of the project involves a co-ordination of works/supervisions by project team/manager.

(g) Project involves activities to be carried out in future. As such, it has some inherent risk and, in reality, the process of implementation may necessitate certain changes in the plan subject to limitations and concurrence of the project owner.

(h) Project involves high-skilled forecasting with sound basis for such forecasting.

(i) Projects have a start and an end a characteristic of a life cycle. The organization of project changes as it passes through this cycle the activities starting from—conception stage, mounting up to the peak during implementation and, then, back to zero level on completion and delivery of the project.