Key Points About Projects

Key Points About Projects

1. Definition of a Project:

   • A project is a temporary endeavor that produces a unique product, service, or result.

2. Temporary Nature:

   • Projects have a specific start and end date.
   • Unlike ongoing operations (e.g., sales, IT support), projects are finite and focused on achieving a specific goal.

3. Outputs of Projects:

   • Products: Tangible items like smartphones or cars (e.g., Samsung developing a new phone).
   • Services: Intangible offerings like new bookkeeping systems.
   • Results: Outcomes from testing theories or new methods (e.g., a drug trial).

4. Progressive Elaboration:

   • As a project progresses, details become clearer, and estimates more precise.
   • Example: Initial plans for building a house evolve with more research.

5. Projects within Programs or Portfolios:

   • Projects can be part of larger structures like programs or portfolios, contributing to broader organizational goals.