Features of a Project

Defining a Project

A project has a specific beginning and end, indicating its temporality.
It is predominantly a one-time effort aimed at achieving a definite purpose, implying an aspect of uniqueness.
Each project is distinct and independent, but may be linked to other projects in a programme or portfolio.

Clear objectives: Every project must have clearly defined objectives that mark the end of the project.
Defined life span with a start and end: Unlike operations, a project has a defined lifespan with a beginning and end.
Uniquely delivering products or services: A project delivers unique outputs or products, which differ from standard operations or procedures of the organisation.
Involvement of multiple teams or departments: A project often requires multiple teams or departments in an organisation to work together.
Comes with associated risks and costs: Since they are one-off ventures, projects often come with an increased risk as well as costs.

Tangible outputs: A project usually results in a tangible output such as a new product, service, or a significant change to a business process.
Intangible outcomes: Projects can also lead to intangible outcomes like increased customer satisfaction, improved brand reputation, or elevated employee morale.
Well-defined and understood by all stakeholders: The outputs and outcomes should be clear and understood by all involved parties.
The outcomes are used to determine the success of the project.

The project life cycle involves initiation, planning, execution, control, and closing stages.
In the initiation stage, the project objectives, scope, and project team are defined.
In the planning stage, a detailed project plan is developed, including resource allocation and timelines.
The project is put into action during the execution stage, where the outputs are created according to the project plan.
In the control stage, the project’s progress is monitored to ensure it is on track and within the planned budget and timeline.
Finally, in the closing stage, the project is completed, a review is conducted, and lessons learned are documented for future reference.