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The term "project" has its roots in the Latin word projectum, which is derived from the Latin verb proicere, meaning "before an action." Pro- in Latin denotes precedence, something that comes before something else in time (which is similar to the Greek πρό), while iacere means "to do."
"A project has a defined beginning and end, with specific scope and resources." A project is a unique set of operations designed to achieve a specific goal, rather than a routine operation.
A project is a collection of tasks that must be accomplished within a specific timeframe to achieve predefined objectives. The tasks are typically completed by a team of individuals known as the project team. The project team is headed by a project manager, who is responsible for planning, scheduling, tracking, and ensuring the successful completion of the project.
Projects require various resources such as labor, materials, and equipment, in addition to the project team. Organizations and individuals undertake projects with a wide range of objectives, which can take many forms, such as constructing a building, planning an event, or completing a certain task. For instance, retailers may pursue projects that enhance the way they track order fulfillment, while construction teams complete projects whenever they plan and build something.
Characteristics of a Project
Each project is unique and possesses distinctive characteristics.
1. Objectives
Every project begins with a specific objective or goal, such as time, budget, quality, or quantity. When these objectives are met, the project is considered successful. It is important to define the objectives of the project from the outset and determine what needs to be achieved. Objectives are the key characteristics of the project, and monitoring progress and analyzing results over time will show how much has been accomplished.
2. Single Entity
A project is considered a single entity, even though it involves contributions from multiple people, with teams often formed exclusively for the project.
3. Life Span
No project can be ceaseless and indefinite. It must have one and beyond which it cannot proceed. Every project is invariably time-bound. At the time of planning, you will see the time phase of the project where the team can work independently on the project modules. Let’s consider an example project that is divided into three modules let’s say A, B, and C. If the total period of a project is 5 months then you can set the time for modules independently like A can complete in 2 months and also B can complete in 2 months and C can complete in 1 month as per requirement.
4. Require funds
Funding is crucial for any project to reach its endpoint. Without adequate funds, project implementation is unlikely to succeed. Cost estimation is a critical factor for any organization, and calculating the required funds in advance can have a significant impact on the project’s success.
5. Life Cycle
Every project goes through a life cycle that consists of different stages such as start, growth, maturity, and decay. The project has to pass through each stage to be completed successfully. For instance, if we consider a software development project, the Software Development Life Cycle (SDLC) includes various stages such as planning, defining, designing, building, testing, and deployment.
6. Team Spirit
Harmony, missionary zeal, and team spirit are necessary to achieve a common goal when working with team members from different disciplines.
7. Risk and Uncertainty
Project forecasting is the foundation for the project. As a result, risk and uncertainty are inherent factors. Projects that are not accurately defined carry a high degree of risk. The level of control over risk and uncertainty depends on the information available for each project.
8. Directions
The project is carried out based on the instructions provided by the customers regarding time, quality, quantity, and other requirements. Factors such as labor availability, resources, managerial talent, etc., which are related to the supply side of economics, are considered secondary, with the primary concern being the customer's needs.
9. Uniqueness
Every project is unique in its way and has its own set of characteristics. Even if the type of organization is the same, no two projects are identical. The uniqueness of a project can be assessed by taking into account various factors such as project objectives, project features, and the application of the project, among others.
10. Flexibility
Projects undergo many changes, which make them more dynamic and flexible.
11. Sub-Contracting
In every project, sub-contracting is a necessary component without which completion is not possible, except in the case of proprietary firms or small projects. The complexity of a project determines the extent of contracting required. It is essential to seek the assistance of an external consultant, engineer, or expert in the relevant field for every project.
12. Cost
If the quality of the project is compromised, it may increase the cost. Additional resources may be needed to quicken the project.
One of the most powerful and efficient project management solutions on the market is Oracle Primavera P6. It is made to suit the planning needs of every team member while planning and managing various complex projects.
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