Projects are vital for business growth and new product development.
According to the PMI, a project is a series of structured tasks, activities, and deliverables carefully executed to achieve a desired outcome. It is a temporary effort to create value through unique products, services, and processes.
Projects are temporary organizations created to achieve specific objectives. They are closed once the project objectives are achieved.
PRINCE2 defines the project as follows: “A project is a temporary organization that is created for the purpose of delivering one or more business products according to a specified business case”.
Projects have definite starts and ends. They deliver an output, a service, a result, or a tangible product. Once the client accepts the deliverable, the project manager updates the lessons learned, archives them in organizational process assets, releases the team, and closes the project.
Projects can be simple, involving a few team members, or complex, involving a large team of experts and other resources. They can also be standalone or part of a program or portfolio.
Summary
Organizations execute projects to achieve their objectives. The projects are temporary and are closed once the objectives are achieved.