WHAT IS A PROJECT?
A project is a unique endeavor to produce a set of deliverables within clearly specified time, cost and quality constraints. Projects are different from standard business operational activities as they:
- Are unique in nature. They do not involve repetitive processes. Every project undertaken is different from the last, whereas operational activities often involve undertaking repetitive (identical) processes.
- Have a defined timescale. Projects have a clearly specified start and end date within which the deliverables must be produced to meet a specified customer requirement.
- Have an approved budget. Projects are allocated a level of financial expenditure within which the deliverables are produced, to meet a specified customer requirement.
- Have limited resources. At the start of a project an agreed amount of labor, equipment and materials is allocated to the project.
- Involve an element of risk. Projects entail a level of uncertainty and therefore carry business risk.
- Achieve beneficial change. The purpose of a project is typically to improve an organization through the implementation of business change.
WHAT IS PROJECT MANAGEMENT?
Project Management is the skills, tools and management processes required to undertake a project successfully. It incorporates:
- A set of skills. Specialist knowledge, skills and experience are required to reduce the level of risk within a project and thereby enhance its likelihood of success.
- A suite of tools. Various types of tools are used by project managers to improve their chances of success. Examples include document templates, registers, planning software, modeling software, audit checklists and review forms.
- A series of processes. Various processes and techniques are required to monitor and control time, cost, quality and scope on projects. Examples include time management,cost management, quality management, change management, risk management and issue management.
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