Project
Project
Project in general refers to a new endeavor with specific objective and varies so
widely that it is very difficult to precisely define it.
Project management institute, USA defined project as “a system involving the co-
ordination of a number of separate department entities throughout organization,
in a way it must be completed with prescribed schedules and time constraints”.
CHARACTERISTICS OF PROJECT
a) Objectives: A project has a set of objectives or a mission. Once the objectives are
achieved the project is treated as completed.
b) Life cycle: A project has a life cycle. The life cycle consists of five stages i.e.
conception stage, definition stage, planning & organising stage, implementation
stage and commissioning stage.
c) Uniqueness: Every project is unique and no two projects are similar. Setting up a
cement plant and construction of a highway are two different projects having
unique features.
d) Team Work: Project is a team work and it normally consists of diverse areas.
There will be personnel specialized in their respective areas and co-ordination
among the diverse areas calls for team work.
f) Risk and uncertainty: Risk and uncertainty go hand in hand with project. A risk-
free, it only means that the element is not apparently visible on the surface and it
will be hidden underneath.
h) Change: Changes occur throughout the life span of a project as a natural outcome
of many environmental factors. The changes may very from minor changes, which
may have very little impact on the project, to major changes which may have a big
impact or even may change the very nature of the project.