CHARACTERISTICS OF PROJECT

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:

1. Temporary: Projects have a defined start and end date, which distinguishes them from ongoing operations, which are continuous and ongoing.
2. Unique: Each project is unique and different from other projects, with a specific set of goals, objectives, and deliverables that are tailored to the specific needs and requirements of the project.
3. Defined scope: Projects have a specific scope of work, which outlines the specific activities and deliverables that are required to achieve the project’s objectives.
4. Defined resources: Projects require a specific set of resources, including people, time, money, and equipment, which must be managed and allocated effectively to ensure project success.
5. Cross-functional: Projects typically require the involvement of people from different functional areas of an organization, such as engineering, marketing, finance, and operations, who must work together to achieve the project’s goals.
6. Uncertainty: Projects often involve a level of uncertainty and risk, which requires project managers to be proactive in identifying and managing potential risks and challenges that may arise during the project.
7. Progressive elaboration: Projects often involve progressive elaboration, where the project’s scope, requirements, and deliverables are refined and developed as the project progresses and new information becomes available.
8. Stakeholder involvement: Projects involve various stakeholders, including customers, sponsors, team members, and other interested parties, who must be engaged and involved in the project to ensure its success.

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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