Monday, June 25, 2012

What is a Project ? Explain its starting and completion point?

A Project is a set of activities intended to accomplish a specified end result of sufficient importance to be of interest to the management. Thus, a project has limited purpose. Its object may or may not relate to the on going operations. Depending on the nature of the project, its durations may be a few weeks to a number of years.

Projects include improvement in plant, machinery, equipment and methods, substitutions of imported materials, setting up of a new factory or extension of a few bays in the existing structure, construction of building, bridge, etc.

A project starts when the management approves the project in principle, adopts it as a part of ongoing activities and allocates funds and other resources including appointing a Project Manager.

Normally, the execution of the project is done in phases unless the same is so small that it does not warrant detail planning by phases.

Thus, when a project is divided into several phases, evaluation is made at the end of each phase and necessary changes are incorporated in the next phase plan.

The project ends with either successful completion after final evaluation or cancellation at the point, when it is decided to abandon the project. Thus, a project always ends, unlike an ongoing organization where operations continue indefinitely.

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