Project and its Characteristics

Project  and its Characteristics

Meaning of Project 

Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations.Project is that planning in which we try to best under a perfect system for making product or buying any fixed asset or creating services for our customers.

• Sequence of tasks
• Planned from beginning to end
• Bounded by time, resources, & required results
• Defined outcome and "deliverables"
• Deadline
• Budget
• limits number of people, supplies, and capital

Five Features of a Project

• Defined beginning, end, schedule, and approach
• Use resources specifically allocated to the work
• End results have specific goals (time, cost, performance/quality)
• Follows planned, organized approach
• Usually involves a team of people

Resources (and Constraints)

• Time
• People
• Money
• Equipment
• Facilities

What Makes a Project Successful

• Organized, well planned approach
• Project Team Commitment
• Balance among
• Time
• Resources
• Results
• Customer Satisfaction

Program

• A recurring project
• Happens predictably
• New plan
• New end result
• New set of resources

Review of Project Elements

• Well defined goal
• Expectation of time commitment
• Underlying costs to achieve
• Described plan of achievement
• Listing of goal’s major sub-elements
• Description of risks or unknown factors
• Success measurement techniques

Additional Elements in Defining the Project

• Funding sources and expectations
• Problem background information
• Critical reference document
• Project methodologies - management and operation
• Required capital equipment
• Necessary computer hardware & software

Critical Project Factors

• Computer system as major technology component
• New characteristic - requires research
• Narrow domain to fit imposed semester deadline
• Commercial competition
• Acceptable risk factors

Phases of a Project

• Conceptualization
• Feasibility
• Preliminary planning
• Detailed planning
• Execution
• Testing
• Termination

Phase 1: Initiating

• Recognize the project should be done
• Determine what the project should accomplish
• Define the overall project goal
• Define general expectations of customers, management,
  or other stakeholders as appropriate
• Define the general project scope
• Select initial members of the project team

Phase 2: Planning

• Refining the project scope
• Listing tasks and activities
• Optimally Sequencing activities
• Developing a working schedule and budget for assigning resources
• Getting the plan approved by stakeholders

Phase 3 - Executing

• Leading the team
• Meeting with team members
• Communicating with stakeholders
• Fire-fighting to resolve problems
• Securing necessary resources to complete the project plan

Phase 4 - Controlling

• Monitoring deviation from the plan
• Taking corrective action to match actual progress with the plan
• Receiving and evaluating project changes requested
• Rescheduling the project as necessary
• Adapting resource levels as necessary
• Changing the project scope
• Returning to the planning stage

Phase 5 - Closing

• Acknowledging achievement and results
• Shutting down the operations and disbanding the team
• Learning from the project experience
• Reviewing the project process and outcomes
• Writing a final project report

Characteristics of a Project 

1. Any project will have a start date and end date

It is the main feature of project that it has a start date and end date. Because if we increase the time of completing of any business project, cost of project will increase. So, it is necessary to fix the time for completing any project. 

2. Project For Results 

All projects are made for getting some result. Projects are always completed and we get new thing after completing of project. 

3. Projects differ from operations

Operations are different from project. Operations are day to day work and for this we can use operation costing but project is big plan for doing any major construction. 

4. A project usually needs resources to deliver its results

With getting resources for completing project, it will be very tough to complete the project and bring result in the front of manager. 

5. Major projects can be divided into subprojects

All major projects can be divided into subprojects. Suppose, you have to construct a building. For making building, you have to take subproject for digging the earth or make a structure according to the height of building.