1)Objectives: A project has a set of objectives or a mission. Once the objectives are achieved the project is treated as completed
2)Life cycle : A project has a life cycle. The life cycle consists of five stages i.e. conception stage, definition stage, planning & organising stage, implementation stage and commissioning stage.
3)Uniqueness: Every project is unique and no two projects are similar. Setting up a cement plant and construction of a highway are two different projects having unique features.
4)Team Work: Project is a team work and it normally consists of diverse areas. There will be personnel specialized in their respective areas and co-ordination among the diverse areas calls for team work.
5)Complexity: A project is a complex set of activities relating to diverse areas.
6)Risk and uncertainty: Risk and uncertainty go hand in hand with project. A risk-free, it only means that the element is not apparently visible on the surface and it will be hidden underneath.
7)Customer specific nature: A project is always customer specific. It is the customer who decides upon the product to be produced or services to be offered and hence it is the responsibility of any organization to go for projects/services that are suited to customer needs.
8)Change : Changes occur throughout the life span of a project as a natural outcome of many environmental factors. The changes may vary from minor changes, which may have very little impact on the project, to major changes which may have a big impact or even may change the very nature of the project.
9)Optimality: A project is always aimed at optimum utilization of resources for the overall development of the economy.
Projects have several key characteristics that distinguish them from ongoing operations. These characteristics include:
Understanding these characteristics is essential for effective project management, as it allows project managers to plan, execute, and control the various activities and tasks involved in delivering a successful project outcome.
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Project Planning and Management Study notes for M. plan Sem-II
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