A project is a complex, non-routine, one-time effort limited by time, budget, resources and performance specifications designed to meet customer needs. Following characteristics defines a project.
- It has an established objective.
- Defined life span with a beginning & an end.
- Requires combined efforts of variety of specialists.
- It is non routine, and has some unique elements.
- Finally specific time, cost & performance requirements bind projects.
The life cycle recognizes that project has a limited life span and there are predictable changes in level of effort and focus over the life of the project. Hence, project management is no longer a special need management; rather it has become a standard way of doing business as projects contribute to the strategic directions of organizations. The project management provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific organisation objectives.
Project Management is an integrated process that focuses all project efforts towards strategic plan and reinforces mastery of both the project management tools & techniques and the interpersonal skills necessary for successful project completion.