🕑 Reading time: 1 minuteA project is a temporary endeavor undertaken to achieve a particular aim. At the most basic level, a project is actually the response to a need, the solution to a problem. Further it is a solution that promises a benefit especially financial benefit. The fundamental purpose for most projects is to either make money or save money, hence projects should be financially justifiable. A project is temporary in nature; that means that it has a specific start and finish. A project consists of a well defined collection of small jobs and ordinarily culminates in the creation of an end product or products. A project is a unique, one time undertaking; it will never again be done exactly the same way, by the same people, and within the same environment. There will always be some uncertainty associated with the project. This uncertainty represents risks to your ability to make definitive plans and predict outcomes with high level of confidence. All projects consume resources in the form of time, money, materials and labour. Project Management Project management is the application of knowledge, skill, tools and techniques to project activities to meet project requirement. The project management process calls for the creation of a small organizational (project team), which is often a microcosm of larger organization. Once the team has produced desired outcome, the process then calls for the decommissioning of that small organizational structure. The project form of organization allows the manager to be responsive to:
- The client and the environment
- Identify and correct problems at an early date
- Make timely decisions about trade-offs between conflicting project goals
- Ensure that managers of the separate tasks that comprise the project do not optimize the performance of their individual tasks at the expense of the total project- that is, that they do not suboptimize.