What are the distinguishing characteristics of characteristics of project?

Why project management

important?

Project is a collection of activities that has to be carried out by a person or group of people. OR a
set of activities carried out in a specific timeframe to meet specific needs ,problems or
opportunities by utilizing available resources. The following are characteristics of a project

Projects are Purposeful; projects are initiated to accomplish specific objectives against the
available resources. After the projects purpose has been achived,a project will be brought to a
close. The insights that have been drawn from it are documented for reference. As the project
progresses through the predefined phases, monitoring and evaluation are done to ensure that the
projects cause for existence and objectives are fulfilled accordingly.

Uniqueness,

Projects are temporary and undertaken to create a unique project service or result. Projects are
unique in purpose, goals, location, structure, resources, activities and other project variables to
make each project different from the others. Each project is unique in itself and its having own
features .No two projects are similar even if the type of organization is the same.

Temporary, A project is an ad hoc organization of staff, material, equipment and facilities that
is put together to accomplish a goal. This goal is within a specific time frame. Once the goal is
achieved, the organization created foe it is disbanded or sometimes it is reconstituted to begin
work on new project.

Carried out in a specific timeframe with a deadline, project are temporary in nature it
means that all projects have defined start and end times within which the project concept is
birthed, planned, excuted and delivered. once project objectives have been met the project comes
to a close .In addition to the time resources ,projects are also bound within the constraints of
scope ,quality and cost. Project goals are thus formulated within the available resources.

Complex, made up of several activities happening simultaneously Example road construction,

Managing complexity is just one of many skills needed for the project management other skills
include adaptability,collaboration,communication,expertise and leadership.

Single entity

A project is one whole thing. This means that in a project although different people contribute
still is recognized as a single entity. The teams are often specifically assembled for a single
project.

Require funds
Every project needs funds to reach the endpoint. Without adequate funds, no project can be
successfully implemented. Cost estimation is one of the essential factors for any organization.
So, calculating in advance the required funds for the project will be very impactful.

Life Cycle

Each project has a life cycle with different stages like start, growth, maturity, and decay. A
project has to pass through different stages to get itself completed. Let’s consider an example
where the project is related to software development then you can say SDLC (Software
Development lifecycle) will be the life cycle of the project where you will see many stages like
planning, defining, designing, building, testing, and deployment, etc.

Team Spirit

Team spirit is required to get the project completed because the project constitutes different
members having different characteristics and from various disciplines. But to achieve common
goal harmony, missionary zeal, team spirit is necessary.

Risk and Uncertainty

The project is generally based on forecasting. So risk and uncertainty are always associated with
projects. There will be a high degree of risk in those projects which are not properly defined.
Only the degree of control over risk and uncertainty varies with the project being conceived
based on information available.

Project management Is the discipline of planning, organizing, securing and managing

resources to bring about successful completion of specific project goals and objectives. The
following are the importance of project management.

Project Management paints a breakdown of a project from start to finish (Strategic

Alignment)

The planning process in project management helps to break down the big picture view into
activities and tasks. Project management helps to describe what needs to be done from start to
finish. The skill of planning assists a project manager with time management, cost management,
quality control, resource planning, communication with the team, risk identification. It helps the
project team understand the expectations and deliverables of each project stage.

Project Management unifies the project team towards a common goal (Leadership)

Regardless of the size, every project needs a team behind it to drive success. Project management
brings the entire team under one roof. It also guides each team member on the activities of each
project stage. The project team can leverage the skills and expertise of each member during the
project. Further, project management ensures that people are pulling together towards a common
goal and therefore, success.

Project Management aligns resources to achieve the project goals and objectives (Clear
Focus and Objectives)

All projects employ resources such as materials, people, technology and time. Project
management provides a standardized way of identifying the resources required, allocating them
and ensuring they are being used as expected. Resources alignment ensures that a project is
completed on time, within the expected budget and to the defined standard. Failure to align
resources with the needs of the project can lead to huge financial losses with effects being felt for
many years into the future. Further, such losses could lead to minimized value for the project
stakeholders.

Project Management integrates multiple skill sets (Realistic Project Planning)

Project teams are made up of individuals with skills in diverse areas. Under the guidance of a
project manager, who adds their subject matter expertise to the mix, project management
integrates multiple skill sets for the good of the project. Everyone provides their subject matter
expertise during the different stages of the project.

Project Management keeps costs down (Cost Management)

Cost Management is an area of project management that is concerned with estimating how much
it will cost to complete the project, the possible sources of funds, making provisions for
emergencies and tracking how the funds are spent. Cost management involves the use of tools
like spreadsheets or accounting software to track how funds are disbursed towards each project
requirement. It is rare to hear that a project has an unlimited budget. It, therefore, falls to the
project manager to ensure there are nil cost overruns and that funds are allocated per with the
project plan and project stage.

Project Management helps with unbiased progress monitoring (Orderly Process)

When you employ project management, you have a way of monitoring progress. During the
initial stages of a project, the key milestones should be identified and documented. As the project
continues, the milestones and well-defined deliverables are used as signposts towards success or
failure. A common way to measure progress is by looking at the cost so far against what has
been delivered.

Project Management promotes quality control (Quality Control)

Quality is the extent to which a product or service meets the expected requirements. Quality is an
essential measure of project success that must be defined, monitored and controlled to avoid
delivery of a sub-standard product, service or result. Within the project management framework,
quality control ensures the project outcome meets the expected standards of delivery.

Project Management promotes knowledge management (Continuous Oversight)

During a project, a lot of information is shared and exchanged. For example, project plans,
progress reports, new requirements, change requests. Throughout a project, valuable insights are
obtained and should be documented. This information makes up a knowledge bank that a
company can use to retain institutional knowledge. It also provides a database of information for
future reference. Upon completion of a project, the project team sits to discuss what worked and
what could have gone better. The output of the discussion is a lessons learned document which
can inform how future projects are managed and share best practice with other project managers.

Managing and Learning from Success and Failure Project management is important because
it learns from the successes and failures of the past. If you want to get things done on time,
within budget and to the right standard, apply the skill of project management, and see success in
your next project.

In conclusion above are some of characteristics and importance of project management ,basically
in order to achieve a successful project then management is the proper aspect to look upon.
Project can improve quality,production cost reduction and a higher level of customer service.
Reference

Management Study HQ,(2022).Why is project management important?.Retrived on 17 th

May 2022 From,https://www.management study hq.com

Linkedin,(2015).The seven key characteristics of a project.Retrived on 17 th May 2022

From,www.linkedin.com.

GEEKSFORGEEKS,(2021).Project Management Characteristics.Retrived on 17th may

2022 From,www.geeksforgeeks.org.com.