What is a Project? Everything You Need to Know

In today's world, project management is being used to achieve the organization's goals and the overall macroeconomic development of the country. Project management is a powerful tool of the organization which ensures effective control of planning, implementation, and various functions related to the project. Moreover, it accelerates the pace of economic development by providing efficient use of human and other resources of the organization.

In the current era of globalization, it is vital to have the right project and its proper implementation to stay competitive and reach the top of development. Therefore, project management is gradually increasing as a prerequisite for growth in all developed, underdeveloped, and developing countries. But What is a Project?

What is a Project?

The project comes from the word "Projectum" derived from the Latin verb "Proicere" which means "before an action". In other words, a project is an organized unit that completes related and interdependent tasks to achieve goals and objectives within a specific budget and at the right time, in line with a pre-determined program. Different expert individuals and organizations have defined the project in different ways. The following are some notable definitions:

According to Business Dictionary, "Project is a planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations."

According to Project Management Institute (PMI), "Project is a temporary endeavor to create a unique product or service."

According to The Project Management Hut, "A project is made up of a set of tasks that need to be completed by various people within your organization."

According to The British Standard, "Project is a unique set of coordinated activities, with definite starting and finishing points, undertaken by an individual or organization to meet specific objectives within defined schedule cost and performance parameters."

According to Adam and Ebert, "A project is a one-shot set of activities with a definite beginning and ending point."

Thus, in the light of the above definitions, a project is a set of individual, interrelated and interdependent tasks that are planned and implemented in a specific order so that the organization's goals can be achieved by creating a single product or service in a particular time and budget.

Features/Characteristics of Project

Analyzing the project definitions reveals some of the basic features or elements of the project which are present in all the projects. And for all these existing components, the project has unique features, and project-based work can be easily distinguished from other pieces of the organization. To get a clear idea about the project, it is necessary to know its features. The main features of the project are discussed below:

1. Ad Hoc Endeavors: The project is not conventional; Its actions are taken as required, the tasks are carried out through a development cycle for a certain period, and then it is declared to be completed. All work under the project is done temporarily.
2. Projects are building blocks: The project is a tool to implement the company's strategy. The project is adopted and implemented as the primary way to achieve organizational goals. For example, INTEL's research and development project is constantly inventing new information technology devices, and the company is achieving its core goals through this project by expanding its sales in the market. Therefore, the project provides a strong foundation for formulating and implementing organizational strategies.
3. Specific Objectives: The project is aimed at achieving particular goals and objectives. With the achievement of the aim, the project's activities come to an end. The project is not undertaken for any repetitive or regular performance.
4. Definite Life Cycle: The project has a specific life cycle. The project has a solid start and end time limit and is managed in phases. The project's life cycle begins with the concept of the project and ends with the completion of the project.
5. Specific Cost and Benefits: The project will have particular costs and benefits. How much money will be spent from the beginning to the end of a project will be clear and determined. Again, except for a few individual projects (such as service projects). However, social benefits can be gained even if no income is earned from the service project. Since the project work has to be completed within the stipulated expenditure limit, many companies estimate revenue and expenditure within the specified time, called the budget, and the materials are distributed in the light of the budget.

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