Project is a planned activity. A project is an activity to meet the creation of a unique product or service and thus activities that are undertaken to accomplish routine activities cannot be considered projects.
The Business Dictionary defines a project as a "planned set of interrelated tasks to be executed over a fixed period and within certain costs and other limitations."
According to the PMBOK (Project Management Body of Knowledge) 3rd edition, A project is defined as a "temporary endeavour with a beginning and an end and it must be used to create a unique product, service or result".
A project is an activity to create something unique. Of course, many of the office buildings that are built are similar in many respects but each individual facility is unique in its own way.
The phases of a project make up the project life cycle. It is convenient for the project managers to divide the project into phases for control and tracking purposes. Each milestone at each stage is then elaborated and tracked for completion. The basic phases of a project are dependent on the kind of project that is being carried out. For instance, a software project may have requirement, design, build, test, implementation phases whereas a project to build a metro or a building may have different names for each phase.
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.
The parameters of a project will include a clear goal to reach, so by nature, projects include a start and finish line to accomplish a unique, particular outcome. This short-term undertaking will require a specified timeline, clear scope, designated budget and human capital resources that include a project team and manager.
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