What is a project?

Project is a temporary endeavor undertaken to achieve a particular aim. Every project has a definite beginning and a definite end. Performed by people, constrained by limited resources, planned, executed and controlled. Projects are temporary and unique.

Projects are created at all levels of an organization. They may involve a single person or thousands. Their time spans vary greatly. They may involve a single department of one organization or cross organizational boundaries.

Project management can be applied to any project regardless of size, budget or timeline. Some examples are:

Developing a new product or service

Designing a new vehicle

Running a political campaign

Building a bridge

Sending a probe to a particular place

Setting up and ecommerce internet site

Capacity/Capability Building

Project management is the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of the particular project. Project management knowledge and practices are best described in terms of their component processes. These processes can be place into five Process Groups:

Initiating, Planning, Executing, Controlling and Closing—

And nine (9) Knowledge Areas –

Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications Management, Project Risk Management, and Project Procurement.

The project team manages the work of the project, and the work typically involves:

Balancing competing demands for:

project scope, time, cost, risk and quality. Satisfying stakeholders with differing needs and expectations. Meeting identified requirements.

The term “project management” is sometimes used to describe an organizational approach to the management of ongoing operations. This approach treats various aspects of ongoing operations as projects in order to apply project management techniques to them.

Project Development Cycle

Pre-investment phase

Project Identification, Project Design, Feasibility Study Preparation, Negotiation and Appraisal

Investment Phase

Project Implementation, Progress Monitoring,

Project Phase Out

Post Investment Phase

Operation Phase

Benefits Monitoring and Evaluation

Impact Evaluation