Project

Definition

Characteristics

• Project is a temporary endeavor, i.e. it has a definite beginning and end
• Projects drive change; in other words, projects are how businesses implement change
• Projects enable business value creation
• Projects are the link between business strategy and execution
• Deliverables of a project can be any one or a combination of the following:
  • Product, e.g. a building, a machine, a software
  • Service, e.g. a business function
  • Result, e.g. an R&D report, a recommendation report
• Project is closed when:
  • Objectives are met, OR
  • Project is terminated for reasons such as:
    • Objectives cannot be met
    • Need for the project no longer exists
    • Project runs out of budget

Project Initiation Context

Projects are initiated for four primary reasons:

1. Meet regulatory, legal. or social requirements
2. Satisfy stakeholder requests or needs
3. Create, improve, or fix product, processes, or services
4. Implement or change business or technological strategies

Examples

Example of a project include:

• Construction of a building
• Organizing a birthday party
• Development of a website
• Set up of a call center
• Getting certified in project management

Triggers

Some of the common triggers for a project include:

• Market Demand
• Strategic Opportunity / Business Need
• Customer Request
• Technological Advance
• Legal Requirement
• Social Need

Definition of Success

Traditionally, project success was measured in terms of time, cost, scope, and quality. The more modern view calls for also measuring the extent to which the project objectives are met.

The definition of project success has been further refined in PMBOK^® Guide, 7th Ed as:

It is possible for a project to be successful from a scope/schedule/budget viewpoint, and to be unsuccessful from a business viewpoint. This can occur when there is a change in the business needs or the market environment before the project is completed.

Benefits of Projects

Projects help organizations in two primary ways:

1. Create business value
2. Drive organizational change

Exercises

1. Give an example of each trigger listed above.

2. Which of the following is/are candidate(s) for a Project?

   • Construction of a building
   • Business process re-engineering
   • Helpdesk
   • Development of a new smartphone
   • Manufacturing of cars
   • Development of a new web application
   • IT Datacenter setup
   • IT Datacenter operations