![]() Once project objectives have been met, the project comes to a close. It means that all projects have defined start and end times within which the project concept is birthed, planned, executed, and delivered. Here are the seven characteristics that define a project.Īs we have already seen, projects are temporary in nature. You may have already worked on a project without realizing it. What qualifies an undertaking to be a project? In essence, project management helps set the scope, budget, and process of a project accurately. It enables project managers and other stakeholders to analyze the importance of any particular project for an organization and utilize business resources appropriately. It helps in increasing the chances of achieving optimal results for pre-set objectives. Project management involves proper planning, execution, and monitoring. Today, more organizations, especially the large ones, are adopting project management for the more routine operational tasks to accomplish them more efficiently and deliver higher value. Initially, project management was reserved for special projects, for instance, delivering new and/or innovative products or initiating a digital transformation. While the goals and objectives can be achieved in any setting, they are better and more efficiently achieved within a project management structure. ![]() The importance of project management cuts across different businesses and industries. Therefore, we can say one individual can own that project, but it is a group activity. While working on a personal project, you will be coordinating with your family or friends to accomplish the set objectives. When you are working on a school / college project, you collaborate with fellow students to meet the objective. When you work on an office project, it requires experts from different departments to come together. The changes made in the project completion process are expected to perform better. They are an excellent opportunity to organize your business and non-business goals efficiently. This has to be resolved into two one-to-many relationships.A project is a combination of set objectives to be accomplished within a fixed period.
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