What is a Project?

A project is a work that produce a unique product, a specific result, service. Project is in temporary nature where always must a beginning and an end have. Project are means which we introduce the change.

Then what does it mean operation and how is it different from the project?

There is practice which is ongoing or repeatable called “Operation”. If you are manufacturing everyday an approved designed product mass in quantity and continuously e.g. electronic items, food products, medicines, automobile etc., on an assembly line that’s called an operation. Its continuous ongoing process and doing the same thing again & again. 

Whereas when an individual or a team working on designing and building a prototype of a specific product model within a specified time period which need to complete, that’s called a project.

For example: to building a customize home for a customer within 2 years from the start date, designing a prototype car model, construct a power plant, renovation & modernization of a plant’s existing system (i.e. change old technology to new technology).     

Why project exists?         

It’s a great opportunity for any individual and organization to achieve the business values within a profitable or non-profitable group of business. To maintain current business operation and to transfer business operations in order to survive and compete in the future. It’s important to think about the value of your project with every decision you make to achieve the benefit of tangible, intangible assets or both.

Tangible assets have a physical existence and are depreciated. Due to their physical presence easier to liquidate. 

• Financial assessment
• Increased revenue
• Increased margin on sales
• Market share
• Increased efficiency
• Stock
• Furniture
• Machinery

Intangible assets not have a physical existence like tangible assets. We cannot touch or feel them.  But they have a current and future business value.

• Prestige
• Trademarks
• Brand recognition
• Goodwill
• Honor
• Happiness
• Patents
• Copyrights

Project objectives:

Projects are undertaken to achieve a desire result by an individual or organization and the targeted job need to accomplish within a predefined time frame. 

An objective should be S-M-A-R-T

Specific – Measurable – Achievable – Realistic – Time-Bound

Which means project objectives must be measurable and contain the key performance signs, which will be used to evaluate the project success.

• Financial objectives to be achieved
• Technical objectives to be achieved
• Quality objectives to be achieved
• Performance objectives to be achieved