Project

From CEOpedia | Management online

A project is an one-time effort limited by time (it has a starting date and a fixed end date), characterized by specific goals and conditions, with defined resources, budget, responsibilities and planning. It is non-routine and complex activity which involves multiple parties in operation.

Project Management Institute (PMI) defines a Project as:

"A temporary endeavor undertaken to create a product or service"

NASA/Air Force created its own project definition:

"A project is within a program as an undertaking with a scheduled beginning and end, and which normally involves some primary purpose"

Some project managers define a successful project in the following way:

"Select a dream,
Use your dream to set a goal,
Create a plan,
Consider resources,
Enhance skills and abilities,
Spend time wisely,
Start! Get organized and go..."

Defining the Project includes the following steps

Step 1: Defining the Project Scope

A definition of the end result or mission of the project. The outcome of this step are Scope Statements and a Project Charter.

Step 2: Establishing Project Priorities

Identifying the causes of Project Trade-offs, shifts in the relative importance of criterions related to cost, time and performance parameters.

Step 3: Creating the Work Breakdown Structure (WBS)

WBS indentifies the products and work elements involved in a project. It is an hierarchical outline (map), which provides management with information appropriate to each organizational level.

Step 4: Integrating the WBS with the Organization

This step provides a framework to summarize organization work unit performance

Step 5: Coding the WBS for the Information System

Allows reports to be consolidated at any level in the organization structure

Major Characteristics of a Project

The following aspects have to be considered while describing a project:

  1. A defined life span with starting date and fixed end date.

The project life-cycle phases contain design, development, fabrication, testing and operation.

  1. Specific and established goals and conditions.

The objectives ought to be well characterized and definitive, assuring a singular goal for a project. Project objectives relate to performance, time and cost of a project.

  1. Defined responsibilities.

During the life of a project, all involved team members are responsible for specific project phases relating time, cost and performance of a project.

  1. Planning

Planning includes the sequence of performed activities, names of people responsible for an each activity, and the time required to accomplish each project phase. It provides the answers on the questions: what? how? why? when? where? who?

  1. Budget.

The all budget expenditures have to be formally drafted, introduced and approved.

  1. Parties involved.

A project requires across-the-organizational participation, which means that multiple departments or people have to work together, sharing their experience, knowledge and commitment to a project.

  1. Involves doing something never been done before.

The effort accompanying a project is non-routine and has unique attributes

Types of projects==The four categories of projects can be distinguished===1. Individual projects=

The projects typically assigned to a particular individual, usually a project - or functional manager. The main feature of these projects is a short life span.

2. Staff projects

The projects normally assigned to one organizational unit, i.e. a department. Involved staff is responsible for an each project section.

3. Special projects

The complexity of these kind of projects requires attendance and support of specific primary functions or authority, which help to manage more problematic aspects of a project. This cooperation is the most efficient in case of short-term projects.

4. Matrix or aggregate projects

These projects involve larger number of specific (or specialized) functional and business units to manage substantial resources.

See also:

Examples of Project

- Construction of a new building: This project involves the planning and execution of a new building construction. It involves multiple stakeholders such as the architects, engineers, contractors, laborers, and the owners. The project would involve a detailed timeline, budget, and resources. It would also require the coordination of all the stakeholders to ensure the project meets its goals and deadlines.

- Development of a new software application: This project involves the planning, development, and implementation of a new software application. It would require a team of developers, designers, and testers to ensure the application meets the requirements. The project would involve the development of an application architecture, coding, testing, and deployment.

- Creation of a new website: This project involves the planning, design, and implementation of a new website. It includes the design of the website's structure, graphics, and content. The project would require the coordination of a team of developers, designers, and content writers to ensure the website meets the requirements.

- Implementation of a marketing campaign: This project involves the planning and execution of a marketing campaign. It would involve the design and implementation of marketing strategies, campaigns, and tactics. The project would require the coordination of a team of marketers, designers, and analysts to ensure the campaign meets its goals and objectives.

Advantages of Project

Projects have many advantages, including:

  • Improved organizational efficiency, as they provide a means of focusing resources on achieving a specific goal.
  • They provide better control over resource use, as they have a clear timeline, budget, and scope of work.
  • They can help to identify potential problems early on, allowing for corrective action to be taken before the project is too far behind schedule.
  • They can be used to motivate and inspire employees, as they provide a sense of purpose and accomplishment.
  • They can improve communication and collaboration among team members, as they provide a platform for discussing progress and resolving issues.
  • They can help to build relationships with partners, suppliers, and other stakeholders, as they provide a platform for establishing and maintaining trust.
  • Lastly, projects can provide a better return on investment, as they provide a means of setting, tracking, and achieving goals.

Limitations of Project

Projects have a number of limitations which must be taken into consideration when planning and executing the project:

  • Time: Projects are often limited by time and require a well-defined and short timeline for completion. This can be challenging for more complex projects which require more resources and more time for completion.
  • Resources: Resources available for a project are often limited and must be managed efficiently to ensure the project is completed within the allotted timeline.
  • Budget: Projects often require a budget to cover the cost of resources and materials needed for completion. This budget must be managed carefully and any additional costs must be approved beforehand.
  • Responsibilities: The project managers must ensure that all parties involved understand their roles and responsibilities and are held accountable for their actions.
  • Planning: Every project requires careful planning to ensure its successful completion. This includes creating a timeline, assigning tasks and setting milestones.

Other approaches related to Project

One other way to approach a project would be to take an Agile approach. Agile is an iterative approach to project management which focuses on delivering the highest value features to customers as soon as possible. It is characterized by its flexibility, frequent communication and collaboration, and ability to adapt quickly to changes. The main aspects of an Agile approach include:

  • Scrum: Scrum is a popular Agile approach which encourages collaboration between cross-functional teams, flexible planning, and continual improvement.
  • Kanban: Kanban is an Agile approach which focuses on visualizing the workflow, setting limits on the amount of work in progress, and continuous improvement.
  • Lean: Lean is another Agile approach which emphasizes the reduction of waste and focusing on activities that add value to the project.

In summary, an Agile approach is an effective way to manage projects, as it focuses on delivering the highest value features quickly, and encourages collaboration and continuous improvement.


Project — recommended articles
Project leader — Project lifecycle — Project structure — Project steering committee — PMBOK framework — Product backlog — Project charter — Feature-driven development — Subproject

References

Author: Ewa Szczepankiewicz

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