A Project is a temporary endeavor undertaken to create a unique product, service, or result. Each project has a defined beginning and end, a specific scope, and is performed to fulfill objectives that add value or bring about change.
Projects are distinct from operations and are often components of broader programs or portfolios.
Key Characteristics
- Temporary in Nature – Has a defined start and end date
- Unique Deliverable – Produces something not previously created in that exact form
- Purpose-Driven – Initiated to meet specific goals or satisfy particular needs
- Resource-Bound – Operates within defined constraints for time, cost, and scope
Example Scenarios
- Developing a mobile application for a new customer segment
- Constructing a bridge as part of an urban expansion effort
- Launching a marketing campaign for a product release
Role in Strategic Execution
- Delivers Targeted Results – Fulfills defined objectives for stakeholders
- Supports Innovation and Change – Drives development of new capabilities
- Feeds Programs and Portfolios – Provides outputs that contribute to larger initiatives
- Enables Controlled Delivery – Managed through structured planning and execution
See also: Program, Portfolio, Project Management, Deliverable, Temporary Endeavor.