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MANAGEMENT
The Managerial Approach: Forth Edition By Grey and Larson
Ch:1 Introduction to Project Management
Defining Project:
■ The Project Management Institute provides the following definition of a project:
“A project is a temporary endeavor undertaken to create a unique product, service, or
result”
■ A Project is a group of unique interrelated activities that are planned and executed in a
certain sequence in order to create a product or service ,within a specific timeframe,
budget and client’s specifications.
■ The British standard define project as
A unique set of coordinated activities , with define starting and finishing points, undertaken
by an individual or organization to meet specific objectives within define schedule, cost and
performance parameters.
Major Characteristics of a Project:
The major characteristics of a project are as follows:
1. An established objective.
2. A defined life span with a beginning and an end.
3. Usually, the involvement of several departments and professionals.
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.
There are several reasons why this is the case are briefly discussed below.
■ Compression of the Product Life Cycle
■ Knowledge Explosion
■ Triple Bottom Line (planet, people, profit)
■ Corporate Downsizing
■ Increased Customer Focus
■ Small Projects Represent Big Problems