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What is project? Meaning and characteristics | Business Guide Blog

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The term project is the pre-planned activity to produce the desired and measurable results out of it. The projects are temporary activities which can be conducted on the basis of needs and requirements.

The projects can be conducted by individuals or organizations (by compatible project teams). If any business organization wants to expand the market size & demand for their product and ultimately boost their sales. In that case, they can conduct multiple projects. Like, marketing campaigns with new marketing techniques, product awareness campaigns, distribution chain building, etc.

E.g., A recent big project of SoftBank named as SoftBank Vision Fund. In this project, SoftBank is going to invest $100 Billion in various startups. This is an investment project.

So, the meaning of the project is basically an activity which is preplanned and conducted for an expected outcome.

Main Characteristics Of Project

  1. Pre-planned
  2. Time frame
  3. Result oriented
  4. Set or requirements
  5. Uniqueness

Pre-planned

Basically, the projects get defined on the basis of the needs. So, to fulfill that need, the projects get conducted. As projects are based on needs so, ultimately it has the expected results. And to produce the desired results, the projects must have the pre-planning and its execution.

Time Frame

As we discussed above, the projects are pre-planned. So, in that plan, the project has a predefined start time and the end time. All the activities involved in the project get conducted as per the stipulated time frame with the help of proper time management.

So the time frame is the main characteristic of the project.

Result Oriented

The projects are result oriented. Because the output of the project can be the goods, service or the result. These results are measurable or auditable.

The leaders of the project can define the gap between the expected results and actual output (results), after analyzing the results of the projects.

Set of requirements

In the project, a lot of resources are involved to complete and get the desired results. The project requires the teamwork, finance & it’s management, sufficient time, and other requirements (which depend on project to project).

So, it’s a set of requirements.

Uniqueness

As project get defined on the basis on the needs and requirements, every need or requirement cannot be repeated. So, when the needs are different then also the projects are different. When the desired results are different then, the design and execution of the project would be different. So, every project gets uniqueness every time.

There are the main and important characteristics of the project.


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