Understanding of Some Important Terminologies in Project Management.

Understanding of Some Important Terminologies in Project Management.

A project can be defined as a temporary endeavour undertaken to create a unique product or service***. This definition is given by Project Management Institute. Projects are different from other ongoing operations in an organization, because unlike operations, projects have a definite beginning and an end – they have a limited duration.
Let’s look at some important part of definition. “Temporary Endeavour”, relates to temporary nature of the project. Project are never done for life time. It has definite start and more importantly definite end. Projects are either closed successfully or abandoned in case of any problem. They are never carried forward forever. The teams involved in a project is also temporary. They are involved for the duration of the project. Some of the project team members are involved for part of duration of the project depending upon their specific requirement. After completion of the project, the project team members are moved to another projects. Some leave the project organisation and join another organisation. The other stakeholders involved are also for the duration of the project. Similarly, the resources hired to carry out the works (men /machinery etc.) are also temporary for that project. Overall, everything which is associated to build the project is temporary in nature.

“Unique” is related to the outcome of the project. It can be physical product or service. All the efforts are taken to create a unique product or service. This product is unique in nature. There is something unique in the product or service. For Example, if we consider a building project, the geographical location of the building can be different from another building. The design could be unique. The size , application can be unique . The resources involved, will be different.

Project objectives are goals, plain and simple. These are the business objectives that you want the project to accomplish. Within project management, it is of utmost importance that a project’s objectives are stated clearly as these will impact every decision in the project lifecycle. Project objectives must be measurable and contain key performance indicators that will be used to assess a project’s success. These indicators will often encompass areas such as budget, quality, and time to completion. So what are project objectives in project management? Simply put, they are the specific goals that you hope to accomplish with your project.

Project success has been historically defined as a project that meets its objectives under budget and under schedule. … Project management success is defined by the level of efficiency the project achieved to reach the project objectives.

For Example, if we are assigned a project to deliver a “room conditions with specific temperature and relative Humidity with some amount of filtration”. After completion of the project ,if we are unable to achieve the inside room condition with desired temperature, relative humidity and filtration level, the project can not be called as success even though we complete the project in time, and within budget. It is important to achieve the primary goal of the project. The key indicators like budget, quality and time will decide the efficiency with which the project success was achieved .This must be kept in mind while execution of any project.
Project Management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.

Project Management is more art than science. Of course you can pile up all knowledge in the world about planning and structuring projects. You can attend project management seminars, study methods and acquire certificates. But knowing that a painting is basically color on canvas won’t help you create a masterpiece. Project Management is not limited to only bar chart . It is much more than that. The success and efficiency of project depends on how well the project management processes were implemented during the project life cycle. Projects are key to any nation building process. Project Management helps in ensuring the project are delivered to achieve their objectives within cost, time and with desired quality.

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