Project Fundamentals

Project Fundamentals is the First Phase of the project life cycle.

Both Knowledge sharing and acquiring are not the discrete or time defined processes but
on the contrary, part of continuous processes. It is important to learn from the experience
of the current project from conceptulisation to delivery phase for the betterment of the
next project. Individual knowledge gained must be institutionalized to transform into
Corporate knowledge database.

The fundamentals of project management is also available as part of the knowledge

database and interlinked with this phase of the project life cycle.

What is a Project?
What is a Project?

A project is the means of converting a vision, a dream or a need to reality. Such a need
could have arisen due to business, personal or social reasons.

Projects are needed in each and every sphere of society such as:

• Business
• Industry
• Government
• Social sector etc.

A project can vary a great deal depending on what it is to achieve. It could be:

Very large or very small; a massive complex undertaking or a simple undertaking.

Projects can be undertaken by anyone and at any level in an organization.

The actual project will vary a great deal depending on the nature and the amount of work
that has to be done.

It can involve just one person for a few days to thousands of persons over many years.

Across just one department in the organization to a number of departments in the

organization or even across multiple organizations at multiple locations.

Projects have been defined in various ways by different persons.

Let us look at some definitions of what a project is

The Webster's dictionary has defined a project as:

A proposal of something to be done; scheme; plan; an organized undertaking; a special unit

of work; an extensive public undertaking etc.

According to the definition given in Project Management Institute, USA's Guide to the
Project Management Body of Knowledge:

"a project is a temporary endeavor undertaken to create a unique product or service."

Buchanan and Body have described projects as:

Unique ventures that have a beginning and an end and are conducted by people to meet
established goals within parameters of cost, schedule and quality.
Cleland and King have described projects as:

A complex effort to achieve specific objectives within schedule and budget targets, which
generally cut across organizational lines and are normally not repetitive within the
organization.

All projects have some common characteristics irrespective of their size or sector.

Some key features of projects are that they are:

• temporary
All projects have a definite beginning and a definite end. They are undertaken to
achieve specific goals and objectives and close when these goals and objectives are
achieved

• unique
Each project, big or small, no matter how similar to other projects will vary from
others in some respect or the other. A project will never be identical to other projects

• pre-defined goals/objectives
This could cover financial, social or economic reasons

• budgets and schedules

Each project will have a pre-fixed budget to be completed in and a timeframe for
completing it

• quality (performance) measures

The performance expected to be followed in the project is decided in beginning

• use resources and manpower

Availability of both resources and manpower is limited in the project

• face known and unknown risks

Uncertainties in the project could jeopardize it's successful completion

• have a project life cycle

Project's go through different phases in it's journey from initiation to its completion
Projects fulfill diverse needs

A project can be taken up for such diverse reasons as:

organizing a simple lunch or arranging a wedding, to developing new products and services,
infrastructure development, constructing a building, implementing a new business
procedure, R&D, designing new software, a poverty alleviation campaign by the
government/NGO, putting man on the moon etc.

Projects can also be classified in different ways such as:

• by the industry or sector in which it falls

• by the size of the project

• by the total cost involved for the project etc.

For example, a project can be undertaken to provide new products or services for:

• the organization's own internal need

• for an outside client

• for one's own personal requirements etc.

 Operations vs Projects
Operations are used for:
• routine, ongoing and repetitive undertakings in an organization.

The objective of operations is to:

• Sustain the existing business of the organization and
• Make the existing operations more and more efficient.
• Operations are not involved in introducing any new changes as is the case in
projects.

In practice, both operations and projects have many characteristics that are common to
each other in spite of the fact that they are undertaken to fulfill different aims and
objectives.

Some common characteristics between projects and operations are that they are both:
• Performed by people
• Both have limited resources at their disposal for undertaking the project or the routine
operations
• To be successful both operations and projects must be properly planned, executed and
controlled

Differences between a project and operations:

Though projects and operations have many features in common there are many differences
between them. A key difference between projects and operations is in their objectives, the aims
for which they are performed.

The main differences between the two is shown below:

Projects Operations

Unique Ongoing

Temporary Repetitive

Aim is to achieve the objectives of the Objective of operation is to

project and then to close the project sustain the business

Future orientation Present Orientation

Maintenance of existing
Creation of new things
things