How a Project is conceived?
In business Setting, whether in the public, or private sector, an organisation must grow at least for the sake of survival. The org, therefore, is continuously on the lookout for good business ideas that which may require growth, either on the existing line of business or in diversified areas. But the ideas must be technically feasible, economical viable, political suitable and socially acceptable. One the ideas pass these tests, an investment proposal is made. When the investment proposal is approved, the project commences.
A project is therefore is initiated to achieve a mission and is completed as soon as the mission is fulfilled. The time between the start and completion time is its life cycle.
What is a Project?
A project is a temporary endeavor undertaken to
· create a unique product (a component of another item or an end item in itself),
· Capability to perform a service, or result such as a document that develops knowledge in support of a business function.
The temporary nature of projects indicates a definite beginning and end. The end is reached when the project's objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists.
A project has an expected output, a start and end date, and limited resources.
The unique characteristic of output of the project does not mean that a project will not include various repetitive tasks
Characteristics of projects
A project is a unique, transient endeavor, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget.
Some of the key characteristics of a project are:
Objectives, Life span, Single entity, Team Work, Life Cycle, Uniqueness, Change, Successive Principle, Made in order, Unity in diversity, High-level of sub-contracting, Risk and Uncertainty.
These characteristics are elements that make a project a project. To put it simplistically, if what your doing does not conform to all of the items in this short list, then it just isn’t a project!
These seven characteristics are;
1. A single definable purpose, end-item or result. This is usually specified in terms of cost, schedule and performance requirements.
2. Every project is unique. It requires the doing of something different, something that was not done previously. Even in what are often called “routine” projects such as home construction, the variables such as terrain, access, zoning laws, labour market, public services and local utilities make each project different. A project is a one-time, once-off activity, never to be repeated exactly the same way again.
3. Projects are temporary activities. A project is an ad hoc organization of staff, material, equipment and facilities that is put together to accomplish a goal. This goal is within a specific time-frame. Once the goal is achieved, the organization created for it is disbanded or sometimes it is reconstituted to begin work on a new goal (project).
4. Projects cut across organizational lines. Projects always cut across the regular organizational lines and structures within a firm. They do this because the project needs to draw from the skills and the talents of multiple professions and departments within the firm and sometimes even from other organizations. The complexity of advanced technology often leads to additional project difficulties, as they create task interdependencies that may introduce new and unique problems.
5. Projects involve unfamiliarity. Because a project differs from what was previously done, it also involves unfamiliarity. And oft time a project also encompasses new technology and, for the organization/firm undertaking the project, these bring into play significant elements of uncertainty and risk.
6. The organization usually has something at stake when undertaking a project. The unique project “activity” may call for special scrutiny or effort because failure would jeopardize the organization/firm or its goals.
7. A project is the process of working to achieve a goal. During the process, projects pass through several distinct phases, which form and are called the project life cycle. The tasks, people, organizations, and other resources will change as the project moves from one phase to the next. The organizational structure and the resource expenditures build with each succeeding phase; peak; and then decline as the project nears completion.
Constraints on a Project:
There are following constraints operate on a project these are:
Scope: It defines the boundaries of the project, it also refers to functional specification and tells what will be done and what will not be done.
Quality: It indicate the quality of the end product that will be produced by the project(plant). It also indicates the quality of the process.
Cost: Cost is major factor that influence the project. As the client may or may not be ready to spend the required amount
Time: Often the time or deadlines are decided by the client, but should be understood that the time and cost are inversely proportional.
And the resources: Resources can also be considered as the constraint on a project. It may include assets such as people, equipment, facilities, inventories, etc. Cost and Time and Quality canbe affected by the resources.