What Is a Project?

According to the PMBOK Guide, a project is a temporary endeavor undertaken to create a unique product, service or result.

Projects achieve objectives by producing deliverables. A deliverable is a unique, verifiable product or result that may be tangible or intangible.

“Temporary” does not apply to the project’s product: the project has a finite duration, but its result may endure.

Projects create unique, nonrepetitive products, results or services. Even when construction projects produce similar buildings, bridges or dams, each is unique.

Repetitive outputs belong to operations—for example, automobile assembly.

Project Characteristics

A project has the following characteristics:

• Temporary Nature: Every project is temporary. Once its objective is achieved, the project ends.
• Defined Timeline: A project has a defined, measurable and achievable timeline with a clear beginning and end. It cannot continue forever.
• Produces an Output: Every project produces an output: a unique product or improvement, service or result.

Examples of Projects

Examples include:

• Constructing a building.
• Developing a new pharmaceutical compound.
• Expanding a tour guide service.
• Merging two organizations.
• Exploring a region for oil.
• Modifying an organization’s system
• Conducting research to develop a new manufacturing process.
• Improving a business process within an organization.

A project’s most important characteristic is its temporary nature: it ends when its objective is achieved. A project may also end when:

• The budget is exhausted.
• The project is no longer needed.
• Resources are no longer available.
• The project is terminated for legal reasons or convenience.

Project Life Cycle

Projects pass through different phases from start to finish. These phases form the project life cycle, a collection of logically related project processes.

Phases may be iterative, overlapping or sequential. Each has time boundaries, a beginning and end, or a checkpoint. These checkpoints are called phase gates, control gates or phase reviews.

Although projects vary in size and complexity, a typical project follows this life cycle:

• Starting the Project
• Organizing and Preparing
• Carrying Out the Work
• Closing the Project

A project life cycle includes phases for developing a product, result or service. These form the development life cycle. A project cycle may be:

1. Iterative Life Cycle: Scope is planned in advance, while time and costs are refined as more scope details become available. Iterations develop the product through repeated cycles; increments successively add functionality.
2. Incremental Life Cycle: The deliverable is produced through iterations that successively add functionality within a predetermined time frame.

Project Phases

According to Competency Standard EC0935, “Managing Work Through Projects,” the project passes through five phases:

1. Initiate the Project
2. Organize the Project
3. Implement the Project
4. Verify the Project
5. Complete the Project

Initiation Phase

This first phase officially launches the project. It has two main processes: preparing the basic project plan and documenting the kickoff meeting.

The basic project plan is the project’s most important document. It contains vital information such as assumptions, constraints, milestones, duration and key stakeholders’ expectations.

It states the objective using SMART characteristics: specific, measurable, achievable, realistic and time-bound.

Identify key stakeholders and express their expectations in clear, realistic, measurable and time-bound terms.

The project succeeds when key stakeholders are satisfied. Failing to identify them creates obstacles to successful completion.

Identify key stakeholders at the start and manage their engagement efficiently throughout the project.

The second process documents the project kickoff meeting, including all topics discussed and agreements reached, signed by the attendees.

Organization Phase

Develop a complete, detailed project management plan during this phase.

This detailed plan explains how you will execute, monitor, control and close the project.

Start by collecting requirements and defining scope. Then develop the schedule, establish the deadline and allocate resources.

Describe internal and external participants’ roles and responsibilities, project risks and contingency plans. Obtain the project owner’s signature before proceeding to implementation.

Also prepare the report of the meeting at which the detailed plan is presented.

Implementation Phase

This is the longest phase of the project life cycle. You develop the actual product and spend most of the project’s time and budget.

As project leader, manage stakeholders, processes and communication during this phase.

Delays can cause budget and schedule overruns, affecting team morale and project progress.

Be proactive throughout execution.

The project’s result is developed in this phase.

Verification Phase

This phase runs alongside implementation. While executing the plan, continually monitor progress to detect deviations from the baseline.

If you detect a deviation, take immediate corrective action. Also take preventive measures to avoid further deviations.

Control every project aspect, including scope, costs, schedule, resources, risks, procurement and communication.

Completion Phase—Closing

The final phase has one process: closing the project.

Key activities include transitioning the final product, preparing the final report, updating project documents and updating organizational process assets.

Closing is more than ending the work: it also completes the final handover of the product or service to the client.

Verify that procurement contracts are closed and invoices paid.

Update lessons learned and other project documents, then store them in repositories as organizational process assets.

Finally, dissolve the project management team and release its members so the organization can assign them to other projects.

Conclusion

Projects are undertaken to achieve a specific objective and close once it is achieved. A project is a temporary organization that passes through five phases from initiation to closing. Each project and its output are unique.

If you have questions about projects, post them in the comments and I will respond.

References:

• Competency Standard EC0935, Managing Work Through Projects.
• A Guide to the Project Management Body of Knowledge (PMBOK Guide), 7th Edition.