📘 Section 3: Project

Projects are Temporary

“A temporary endeavor undertaken to create a unique product, service, or result.”

Why Projects Are Temporary

• Adaptability: Temporary nature ensures focus on achieving the specific goals without permanent commitment.
• Resource Allocation: Allows efficient use of resources for defined durations.
• Innovation: Encourages unique problem-solving and creation of new solutions.

Practical Examples of Temporary Projects

• Building a bridge (construction project).
• Developing software (technology project).

When Project End?

A project ends when it has met its objectives or is no longer viable to continue. Specifically, a project concludes during the Closing Phase of its lifecycle under the following circumstances:

1. Completion of Objectives

• The project successfully achieves all defined deliverables, goals, and outcomes.
• Stakeholders formally accept the results.
• Documentation, training, and support are provided as required.
• Example: A software application is fully developed, tested, and handed over to the client.

2. Premature Termination

A project may end early due to:

• Business Reasons: Change in organizational priorities or strategy.
• Lack of Viability: Insufficient resources, funding, or infeasibility.
• External Factors: Market changes, legal issues, or environmental impacts.
• Stakeholder Decisions: Sponsors or clients decide to halt the project.

3. Project is Merged or Integrated

• The project merges with another initiative or is absorbed into operational processes.
• Example: A pilot project becomes part of routine business operations.

Projects Enable Business Value Creation

According to PMI, business value refers to the tangible and intangible benefits that an organization gains from projects, such as financial gains, market share, customer satisfaction, or operational efficiencies.

Tangible Benefits

Tangible benefits are measurable, quantifiable, and directly contribute to financial or operational performance. They are often easier to evaluate and report.
Examples include:

1. Increased Revenue:
   • Launching a new product that generates $1M in annual sales.
2. Cost Savings:
   • Reducing operational expenses by implementing an automated process.

Intangible Benefits

1. Customer Satisfaction:
   • Providing a better user experience leads to increased customer loyalty.
2. Brand Reputation:
   • Improving public perception through eco-friendly or socially responsible initiatives.