The document defines a project as a temporary endeavor with a defined beginning and end undertaken to create a unique product or service. It notes that projects have several key characteristics, including established objectives, involvement of multiple parties, and specific time, cost and performance requirements. The document outlines the typical project life cycle of defining, planning, executing, and closing a project. It also distinguishes projects from routine work and discusses how program management oversees related projects to achieve strategic goals.

1. What is a project?
From Larson, Eric W. and Gray, Clifford F. Project Management: The managerial
process (5th Edition)
Project management Institute
A project is a temporary endeavour undertaken to create a unique product, service or
result
Characteristics of a project are as follows:
1. An established objective
2. A defined lifespan with a beginning and an end
3. Usually, the involvement of several departments and professionals
4. Typically doing something that has not been done before
5. Specific time, cost and performance requirements
A PROJECT IS NOT EVERYDAY WORK:
It is not routine, repetitive work- not work that somebody has to do over
and over again – a project is done only once.
Program versus Project
A program is a group of related projects designed to accomplish a common goal over an
extended period of time
Program Management
Program management is the process of managing a group of on-going independent,
related projects in a coordinated way to achieve strategic objectives
The Project Life Cycle
The life cycle recognizes that projects have a limited life span and that there are
predictable changes in level of effort and focus over the life of the project.
The project life cycle typically passes sequentially through four stages:
1. Defining stage:
a. specifications of the project are defined;
b. project objectives are established
c. teams are formed
d. major responsibilities are assigned

2. 2. Planning Stage:
a. The e level of effort increases, and plans are developed to determine what the:
i. project will entail,
ii. when it will be scheduled,
iii. whom it will benefit
iv. what quality level should be maintained, and
v. What the budget will be.
3. Executing stage
a. The physical product is produced
b. Time, cost and specification measures are used for control
c. Is the project on schedule, on budget, and meeting specifications?
d. What are the forecasts of each of the measures?
e. What revisions/changes are necessary?
4. Closing stage
a. Includes three activities:
i. Delivering the product to the customer;
ii. Redeploying project resources
iii. Post project review
Summary:
A project is defined as a no routine, one-time effort limited by time, resources and
performance specifications designed to meet customer needs. One of the distinguishing
characteristics of project management is that it has both a beginning and an end and
typically consists of four phases: defining, planning, executing and closing.
Effective project management begins with selecting and prioritising projects that support
the firm’s mission and strategy.
Successful implementation requires both technical and social skills.
Project managers have to plan and budget projects as well as orchestrate the
contributions of others.

3. What is Project Management?
So what is project management?
Essentially, project management is the organized and planned effort to accomplish a specified
objective. Again, this includes anything from setting up a computer system within a company
office or the construction of a building. There are four main points to project management:
developing, identifying, quantifying, and determining.
Developing - this means putting the plan together, knowing all the details about what the
project is and will be
Identifying - this is where you identify the tasks and goals involved and how they will be
achieved
Quantifying - learning how much of which resource will be needed
Determining - this is when you figure out the budget for the project and the timelines
involved.