What is a ‘Project’ in Project Management?
A ‘Project’ is a temporary endeavor undertaken to create a unique product, service or result. (PMBOK 5th Edition) The term ‘temporary endeavor’ defines that a project has a definite start and end. The project end is achieved once the project objectives are achieved or being terminated due to the impossibility of achieving the said / stated objectives. It also can be terminated if the client / customer wishes to stop. The term ‘temporary’ doesn’t mean that the duration of the project is short, instead, it refers to the longevity of the project.
Each project has to create a unique product, service or a result and the output of a project either can be tangible or intangible. If this is further elaborated,
- A product can be defined as a component of another item, an upgrade or an enhancement to an item or a new product itself
- A service or a capability to perform a particular service (E.g.: A new business function)
- A result such as an outcome or document (A research result)
There are few strategic considerations that lead to authorize the execution of a particular project. Those factors are;
- Market demand
- Strategic opportunity
- Social need
- Environmental consideration
- Customer request
- Technological advancement
- Legal requirement
Since the need for a project arises due to one of the above factors, hence project management is a necessary skill which every organization requires in order to survive in this competitive industry.