A Project is a one-time venture undertaken to create a distinctive Product, Service or deliverable
→ Product, Service or Result as known as Deliverable
Detailed Elaboration of Project definition
Temporary (one-time endeavor means)
- One-Time, with definitive Beginning & End
A Project ends when the project’s objectives have been achieved.
Projects are Temporary, but their Deliverables (particularly of social, economic, material, or environmental nature) may extend beyond the Project Life. (e.g. dams, mass transit systems, monuments, etc. last for decades/centuries while consultancy. feasibility study, etc. finish with the project)
Unique
- New Undertaking, Unfamiliar Ground
Product, Service or Result mean in Project definition
Product
It may be a modification in an existing product or launch or development of a new product. (e.g. a new building, old building renovations/additions, major work to remove perpetual seepage from a building, replacement of building lights with LED types, etc.)
Service
Service or a capability to perform a service that will support production or distribution. (e.g. any business function like Consultancy, IT Service, Communication Service, etc.)
Result
Development of knowledge that can be used to determine whether a trend exists, or a new process or product will benefit society, or finding what the problem is. (e.g. Research, Feasibility Study, Investigation, Inquiry, etc.)
- Any Combination of Product, Service & Result
A combination of one or more products, services, or results.
Some Examples of a Project
- Developing a new pharmaceutical compound for market
- Expanding a tour guide service
- Merging two organizations
- Improving a business process within an organization
- Acquiring and installing a new computer hardware system for use in an organization
- Exploring for oil in a region
Factors which Leads to Initiate Projects
External Factors
The fundamental factors on the right may further be influenced by the following external factors acting on the organization:
- New Technology (1)
- Competitive Forces (2)
- Material Issues (3)
- Political Changes (4)
- Market Demand (5)
- Economic Changes (6)
- Environmental Issues (7)
- Strategic Opportunity (8)
Fundamental Factors
Organizational leaders initiate projects in response to some fundamental factors acting upon their organizations. There are four categories for these factors
- Meet regulatory, legal, or social requirements (A)
- Satisfy stakeholder requests or needs (B)
- Create, improve, or fix products, processes, or services (C)
- Implement or change business or technological strategies (D)
External vs Fundamental Factors Examples
- A builder decides to pour concrete using the pre-mix pumping technology ← 1,2 (C, D)
- A manufacturing company authorizes a project to study and implement replacement of a strategic material which is no more available in the market← 3 (C)
- A real estate developer launches an immediate housing project to beat the govt’s expected moratorium on housing on agricultural lands← 4,8 (D)
- A manufacturer of expensive cars launches a project for low cost cars in view of recession gripping the country← 5,6 (D)
- SAGA Sports Sialkot receives an order from FIFA for 100,000 footballs of a design← 5 (B)
- Electrification of rail tracks 7← (C)
Important Aspects of Any Project
A project:
- Must serve some Goal or Purpose
- Comprises a sequence of connected Activities
- Must be completed by a specific Time, within Budget and according to Specifications (Scope) … also known as Triple Constraints (now Sextuple Constraints with Resources, Quality & Risk added)
