A project is a sequence of tasks which is undertaken to create a unique product or service or accomplish something with a unique outcome. 

Featuers of a Project

  • Temporary:  A project is temporary in nature with a definite beginning and definite ending.  A project cannot go forever.  However the product or service created by a project may last for much longer than the length of a project. 
  • Unique Outcome: A project has a unique outcome.  It can be a product or a service which is different than what has existed before.  It can be a performance improvement or any other type of result which can benefit the stakeholders.
  • Budget: A project has a fixed budget which puts constraints on the allocted resources include people, supplies and time.
  • Team: A project has a dedicated team to accomplish the goals of the project.
  • Example of a Project: The sequence of tasks undertaken to create a new e-commerce website is a project.  However, once the website is up and running it is no longer a project.  The created website is the end result of the project.   Maintenance of the website which is going to consist of repetitive tasks is not project management.

Difference between a Project and a Task

The biggest difference between a project and task is that a task can be reptitive but a project is only a one time effort.  For example, daily updating of the list of products sold on our e-commerce website is a task.  However, if we wanted to updgrade the e-commerce site to the latest version of database or add new rate and review features, then that would be a project. 

Difference between a Project and a Program

A program is a group of related projects and operational activities. For example, building a single e-commerce website for a car dealer is a project.  However, buidling websites by using shared components for all car dealers is a program because it requires running multiple related projects to build the platform and then websites on top of that.  

Project Stakeholders:

  • Project Manager
  • Customers
  • Users
  • Functional Managers
  • Sponsor
  • Project Team
  • Program Manager
  • Portfolio Manager / Review Board

Resources Required for a Project

  • Time - Fixed Duration.  However, a project can finish early or late.
  • Budget - Fixed amount of money allocated to a project.  However, a project can finish over or under budget.
  • People - Fixed team size.  However, a project may add or reduce the number of people depending on project needs.
  • Supplies - A certain amount of required supplies must be forecasted at the beginning of a project.  However, this amount can change depending on the state project is at.  For, example you may decide to add an additional server to your e-commerce website during the project.

Elements of a Successful Project

There are several key factors which can make a project successful.

  • Well defined project goals. 
  • Well defined list of tasks for the project.
  • Well defined breakdown of tasks by cost, sequence and time.
  • A committed and qualified team with the skills required to make a project successful.
  • Well defined risks and measures for risk management.

Phases of a Project

  • Initiating - This is an early phase of a project.
    • Objective Definition - Also known as the conceptualization of the project, this is the phase when high level goals of a project are defined.  E.g. Create an e-commerce website which can increase sales by 20%.
    • Feasibility Evaluation - This is the phase when feasibility of a project is determiend. E.g. is it even possible to build an e-Commerce site?
  • Planning - This is the phase of a project when things such as people, time, budget, resources are determined.  It also includes breakdown of tasks, task sequences and costs allocated to each and every phase.
  • Executing - This is the phase when the project team executes on the tasks planned.
  • Monitoring and Controlling - This is an ongoing process of putting various checks and balances on all project activities.
  • Closing - In this phase, all aspects of a project are closed once the desired outcome has been acheived.  It may also including writing a final project report.