INTRODUCTION AND SOME BASICS ABOUT THE WORD, PROJECT

Project by definition is a temporary endeavor undertaken to produce a unique product, service or result (According to Project Management Book of Knowledge, 5th edition).

Characteristics of the Project are as follows:

1. It has SMART (Specific, Measurable, Achievable, Realistic and Time driven) objective 

2. It has a start and end date

3. It creates a unique product, service or result

4. It has a specific budget and scope etc

The project can only end:

• When the objective is met (the intended output is achieved)

• When the sponsor stops financing the project (it can be because of several reasons like losing an interest or death or financial status is unstable or change of plan)

• When the objective will not be met (It is not realistic)

• When the need of the project does not exist (the customer changes his or her interest or there is an alternative to that project)

Some examples of the projects are:

• Construction of Building

• Livestock keeping

• Conducting a research

• Starting a business

• Designing a machine etc

Reference:

PMI (2013). A Guide to the Project Management Book of Knowledge (PMBOK Guide 5^th Ed.) USA, Project Management Institute

Thank you and if there are any questions, comments and suggestions, Please do not hesitate to post on the comments below.

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