Question

Discuss in your own words the major characteristics of a Project. In your own words, describe the benefits of a structured Project approach.

Answer 1

The major characteristics of a project are as follows:

• A single result:
  • The result of a project can be mentioned in terms of cost, schedule and performance.
• Unique:
  • The project should be unique in terms of certain variables such as access, labor market, terrain, public services.
  • It is not supposed to repeat alike again.
• Temporary activities:
  • A project can be said to be a combination of staff, material, equipment and facilities in order to achieve a certain goal.
  • Thus it is within a certain frame of time. Thus projects are temporary activities.
• Projects are supposed to cut across regular organizational lines and structures which are within a firm.
  • It is because the project requires talents of multiple professions and departments.
• Unfamiliarity:
  • Due to the difference between various project done, the projects always involve unfamiliarity. This can again lead to risks as well.
• Projects always have something at stake:
  • It is obvious that since the project is unique, it requires special scrutiny or effort in order to achieve its goals.
• A project cab be defined as a process by which we accomplish a goal.
  • Several distinct phases or project life cycle is involved in a project.
    • There will be change in many aspects such as people, organizations, resources etc.

Some of the benefits of a Structured Project Approach are as follows:

• The goal of the project is given more concern or priority even when dealing with various technology and solution:
  • This happens more in case of long running projects.
• The Structured Project Approach includes key terms like Planning, monitoring and control:
  • With the help of these steps, the project will be delivered within the time frame.
  • Also the project will be within the budget with good quality too.
• Visibility:
  • The progress of the project progress is visible to a higher degree to the senior management.
  • The senior management can thus ensure better control over the project.
• Effective management of Risks and problems:
  • To ensure the success of the project, the various steps of projects are thoroughly subjected to active management.
• Controlled use of resources:
  • Even from the start of the project, the resources are utilized efficiently.
• No out of control changes are supposed to occur.
• This process is reusable on many projects thereby increasing the project success rate.
  • Due to the experience from previous projects.
• Active involvement of stakeholders:
  • It is done throughout the project and it will help to ensure the desired outcomes.