Definition of project
Project is a limited-time venture, planned with a set of tasks to achieve the desired goal or goals which is not available now.
The desired goal could be a product, service, result, business model or a strategy. In today’s competitive and technological advanced business environment it could be anything.
Project and routine operations are not the same. Projects are always exciting!
It’s about something new. It’s toward unknown.
It’s about making the vision into reality.
Features of Project:
Basic features of a project are:
- Every project is unique
- Project has a definite beginning and ending
- It must have a predefined goal, for which the project is initiated
- Project has a budget, cost, resource and risk involvement
- It bring changes in organization’s business state
- Successful projects contribute to organization’s value creation
Every project is different from another. The difference may come from various aspects. Such as complexity, source of finance, project content, project stakeholder and the purpose of project.
Types of Project:
Based on project content, project types are as follows:
- Manufacturing projects
- Construction projects
- Management projects
- Research projects