PM Blog

The definition

„Project is a complex set of activities performed by multiple individuals and/or organizations, limited in time and resources, aimed to achieve unique goal (product or service).“

 

The definition of project emphasizes the uniqueness of the product to distinguish project from process. It also points out the complexity and involvement of more subjects and/or resources to distinguish project from a simple task.

Project attributes

Tripple constraints

Project is defined by the tripple constraints – cost, scope and schedule. These tipple constraints are usually depicted as a triangle where each constraint is represented by one of the sides to illustrate the fact that every change to one of the constraints influences the other ones.

Cost

Project costs are derived from expenditures related to all material and labour consumed by the project in its entire life-cycle. Main components are costs of the labour (both external and internal), cost of materials; some project management methods also calculate the cost of risks and other related costs.

Scope

In general the project scope describes the deliverables of the project and the way they should be delivered. More specifically project scope consist of the set of project goals and related metrics that has to be met to consider the project successfully completed.

Schedule

The project schedule defines the time frame to complete the project or its particular parts (goals).

Other project attributes

Standard project should have all following attributes to be able to be well managed and successfully completed:

• defined specific goals to be achieved together with acceptance criteria
• specified project boundaries and relations to the external environment
• well defined supplies and contracts by third parties
• defined project pay-offs
• defined project stakeholders
• defined start and end dates

Project Life Cycle

Although stages of the project life cycle may very according to different methods, there is a general understanding concerning the basic ones.

Project Definition stage

In this initial stage of the project the Idea is turned to a Project, being properly described and assigned basic project attributes (see above). The Project Charter is proposed and an initial approval of the project is required to move to the next stage.

Project Planning stage

After obtaining the initial approval project moves to the planning stage, where detailed project plans and schedules, costs, supplier contract conditions and project organizational structure are designed. The final document created in this stage is the detailed Project Plan.

Project Execution (Implementation) stage

After the Project Plan is approved by the project sponsor, the actual execution of the plan – and the projects itself – begins. In this stage all tasks and steps of the project plan are delivered according to the plan and proper control and management of the project is carried out.

Project Closure stage

After the main goals of the project are met, the final stage of the project comes into place. In the Project Closure stage the overall project development is reviewed and main problems and risks are pointed out together with the evaluation of their solution and the lessons learned are taken. the project documentation is archived for further use and other related steps are taken.

Project Management

The discipline focused on planning, execution and overall management of projects is Project Management. There are multiple methodologies and frameworks related to project management, such as MPI's Project Management Body Of Knowledge, OGC's PRINCE2 and others. 

(This text was originally written for Knol.)

Tagy: attribute, constraint, goal, management, metric, project