Characteristics of a Project
All projects have some universal features, but there are also characteristics pertaining only to certain kinds of projects.
The first essential element of a project is its uniqueness. Even if some projects may have similar outcomes, they employ particular methods to reach their goals. Every strategy requires a special approach. The second significant feature is an extent: a project happens only once and has concrete aims. To reach the project’s goals, it is sometimes necessary to break it into smaller parts and set objectives for each of these subprojects. The third characteristic of a project is that it has a designated length. Every project has a distinct beginning time and a scheduled ending time. Moreover, each project has life phases which may include start, development, and cessation. The fourth component is the possibility of interconnection between various projects implemented by one organisation. Association types may involve manufacturing, finance, and marketing.
The fifth feature is the restricted budget. Both the resources needed for successful project’s implementation and the money allowed for the staff carrying it out are limited. Endeavour to receive additional costs often causes disputes which constitute the sixth element of a project. Disagreement may be of various types: conflicts between the staff, competition for the resources, and arguments between projects in a multi-project company.
The seventh characteristic of a project is its importance. This feature is necessary to validate the start of the project. When the team is able to persuade the company’s executives in the project’s significance, it is more likely to be supported and implemented.
Suggested Definition of a Project
I would define a project as a short-lived enterprise aimed at developing exclusive goods or commodities.
Parts of a Technical Proposal
Technical proposal consists of four stages. Its initial element is the characterisation of the issue discussed or the project planned. The second step presupposes the delineation of the sub-points of the problem in the case if it is complicated. The next element is description of the approaches which can be used to deal with the problem. The last constituent is the list of particular needs and conditions of the customers.
Desired Outcomes of Applying Project Portfolio Management
Project portfolio management (PPM) helps managers to select the best solutions by proposing the methods of project assessment. PPM connects projects with the organisation’s goals.
The expected outcomes of applying PPM involve:
- obtaining the skills of generating innovative project approaches;
- having consolidated progress teams which can cope with problems at different levels;
- escalating the application of knowledge and experience, frequently in collaboration with other companies;
- developing a secure atmosphere of alliance among the team members;
- recognising the genuine privileges suggested by the projects;
- minimising the number of projects which can bring no success to the company;
- sustaining the organisation’s productivity by protecting it from being overloaded with proposals.
PPM provides the ability to choose the most beneficial projects and single out the advantages suggested by the projects. Also, it allows to establish ambitious benefits for the stakeholders.
Frequently, organisations find that not all of the projects are evaluated as for their alignment with the company’s goals before the projects’ endorsement. Such projects are not beneficial for the organisations as they do not provide competitive power or value.