Definition of project

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Project is a limited-time venture, planned with a set of tasks to achieve desired goal or goals which is not available now.

The desired goal could be a product, service, result, business model, strategy or in today’s competitive and technological advanced business environment it could be anything.

Features of a Project:

Project and Operation are not same. Here are some basic features of a project.

  • Every project is unique
  • Project has a definite beginning and ending
  • It must have a predefined goal, for which the project is initiated
  • Project has a budget, cost, resource and risk involvement
  • It bring changes in organization’s business state
  • Successful projects contribute to organization’s value creation

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