A project is a temporary endeavor undertaken to produce a unique product or service. Projects are different from operations in that they have a definite beginning and end, and produce something new. A successful project satisfies customer requirements on time and budget. Projects often fail due to issues like scope creep, poor planning, lack of resources or sponsorship. Project management is the application of skills to meet stakeholder needs and expectations by managing scope, time, cost, quality and risk. Key areas of project management include scope, issue, cost, quality, communication, risk and change management.