One of the clear differences between projects and non-project activities is the high level of uncertainty associated with the ability to meet a project’s goals, simply because each project is unique. Despite the fact that some projects are similar to each other, each project begins at a ‘low-point of certainty’ of the project’s ability to meet its goals. Show
Fortunately, for most projects this point is relative to the project itself, not an absolute low point, since we usually manage projects in fields where we have previous experience. In new or innovative projects, where no prior experience exists, this ‘low-point of certainty’ is absolute. In such cases, it is crucial to utilize tighter planning and control systems—ones that are operated through smaller cycles. For example: A plant that manufactures pens is not involved with project management in the course of routine manufacturing work. However, if a client asks for a unique type of pen, something that had never been manufactured before at this plant, that is a project with a low level of certainty. At the same time, since the plant has experience in manufacturing pens, the low level of certainty is relative to the project, not an absolute low-point. However, if the client were to ask the neighborhood cobbler to create this same pen and the cobbler were to agree to take on the project, then that would be a project with an absolute low-point of certainty, since he would be managing a project in an area where he has no experience at all. This low level of certainty—and the low-point associated with it—is, in fact, the ‘Primary Paradox of Project Management’, since the most critical decisions for any project are made precisely at this low-point. Making these critical decisions means making a commitment to a given project on the one hand, while delaying other projects on the other hand. Alternatively, it could mean delaying a project that should have gotten the green light. A commitment to a project that will eventually prove to be wrong a big error with double damage. Once because the resources invested in the project went down the drain, and twice because the exact same resources were not invested elsewhere that would have generated value. it’s important to remember! In an environment of limited resources (and it almost always is), in the very same breath that we approve Project A, we reject Project B. The paradox, as is well known, does not have an absolute solution, only doing the best that can be done starting from planning a solid plan of the project, controlling the project effectively, and constantly engaging in effective communication. The paradox is the legitimate reason why the scope of the project increases even without external constraints to the project. The none-legitimate reasons are in fact due to a double paradox. Not only do we have to commit to the project at it’s low point of certainty, but up to the point of commitment to it, the client’s willingness to invest resources in it is very low and in the absence of adequate project planning resources, the best possible is quite limited. Stanley Epstein Stanley EpsteinEconomist, Banking Operations specialist and trainer. Instructor at Illumeo.Published Apr 19, 2015 Much has been written over the years about project management. In actuality Project Management is a recognized discipline in its own right whose underlying education extends today right up to the tertiary level. One can spend years studying the subject in all its many facets and still feel that one is still a novice. From experience I have learned over the years that there a number of key “project” characteristics. These characteristics are elements that make a project a project. To put it simplistically, if what your doing does not conform to all of the items in this short list, then it just isn’t a project! These seven characteristics are;
Others also viewedExplore topicsHow do projects differ from other kinds of work?Projects are undertakings that are time-bound (have an end), produce a unique output/deliverable, and are executed under agreed-upon constraints (i.e., scope, timeline, budget/resources). Everything else is work, but not a project.
What characteristics distinguish projects from other activities?The distinctive characteristics of a project are as follows.. Objectives – Every project is started with some objective or goal viz. ... . Single entity – A project is one whole thing. ... . Life Span – No project can be ceaseless and indefinite. ... . Require funds – ... . Life Cycle – ... . Team Spirit – ... . Risk and Uncertainty – ... . Directions –. What are the different characteristics of project?Six Characteristics of a Project
A project is typically for a customer. The project is temporary in nature. It typically has a defined start and a defined end-point. The project will have a unique set of requirements that need to be delivered within the boundaries of this project.
What are the 5 characteristics of a project?i. Specific. The project must be specific. ... . ii. Measurable. A clearly defined project must be measurable in terms of its benefits and achievements. ... . iii. Achievable. A project will only be meaningful if it is achievable. ... . iv. Relevant. The project needs to bring relevant benefits to the entity concerned. ... . v. Time bound.. |