WHAT IS A PROJECT….AGAIN? BY MAXWELL OWOLADE

By simple definition, a project is “a combination of tasks which must be completed to bring about a desired and definite outcome”.  It is a unique set of organized activities which has a precise starting and finishing point and is performed to realize definite objectives as desired by an organization or individual, within a specified cost, performance and time frame.

Projects are diverse in nature. There is revenue generating project (such as the introduction of new methods to improve cash flows), as well as capital projects, in which resources and expenditure are incurred to bring about a change in the capital base of an organization or a nation.

Characteristics of projects

• A project is a realistic venture; consequently, it must be executed in a way to achieve the objectives of the project.
• Projects have a start and end time, with a specific place and context of implementation.
• Projects are sometimes complex in nature, necessitating the need for careful planning and execution skills.
• Project is requires team-work effort, involving the skill of various project team members.
• Projects are unique; they are products of new ideas.
• A project is an adventure involving risk and many uncertainties.
• A project is measurable and can be broken down is manageable chunks

A project must conform to certain fundamental criteria to achieve a better cost saving:

1. The project must be completed within the time scheduled, or else delay will increase project cost
2. The project cost must not exceed the budgeted cost;
3. The project should meet the scope requirements.
4. A fourth criteria of safety is applicable to certain industries like mining, airlines, railways etc. For example, cars, railways and aero planes must be certified safe for all operating conditions. Operational standards and regulations are very important. Regulators are usually part of the project for obvious reasons

Project Definition from PMI Perspective  

The PMI perspective defines project as a temporary endeavor which is embarked upon with the aim of creating a unique result, product or service.

The temporary nature of a project has to do with the fact that it has a start and end time; consequently, the scope and resources should be carefully defined and approved.

A project is unique in the sense that the operation is not a routine but embarked upon to achieve a definite or specific objective

Project and Project Management

Project management is the application of skills, tools, knowledge and techniques in executing project, with the aim of meeting the project objectives or requirements. There are five groups of Project Management processes namely: Initiating, Planning, Executing, Monitoring and Controlling.

• A project is undertaken to bring about a change in the social environment in which it is situated, while project management is set out to alter the physical condition or structure of the society or organization in which the project takes place.
• A project provides an opportunity for people to learn on the job while project management is the application of acquired knowledge to achieve the goal of the project.
• Collective activities generate a project while project management is the coordination of collective activities.

From the above submissions; we conclude that your meaning reading this article, you just completed a project; definite start time and a definite end time. This project is unique is unique in itself because your objective of reading it is to learn more about the writer’s perspective on project. You just accomplished that is less than three minutes and thirty-six seconds!

There is a lot to learn about project and project management, Project Managers Academy™ will continue to elaborate on the various project management principles to broaden our understanding of the field and the profession that goes with it.  We will continue to focus on areas where a productive skill can be mastered.

You deserve a congratulation for making it to this point. Now I know you are truly a project management expert. The Project Managers Academy™ commends your meticulous attention to detail, please keep it up!