This document summarizes an image compression project done by a group of students. It begins with an introduction that describes what an image is and different image types like black and white, grayscale, and color. It then discusses transparency in images and different color depths. It provides a block diagram of a general image compression model and describes different image file formats, quantization process, and fidelity criteria for measuring error. It concludes with a comparison of JPEG, GIF, and PNG compression techniques on an example image and their resulting file sizes.