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Provides definitions
Introduction
1.1 CHARACTERISTICS OF A PROJECT
In general, a project is considered to be one having the following characteristics :-
(a) it has to produce a set of products to meet the business needs;
(b) it requires a corresponding set of activities to construct the required products;
(c) it needs certain amount of resources to carry out the activities;
(d) it has a finite life-span;
(e) it runs under an organisation structure with properly defined responsibilities;
(f) it is a temporary structure, created to achieve a specified business benefit or
objective. When the work has been completed, the project is closed.
1.2 ITEMS TO BE MANAGED
Items needed to be managed in a project, in general, include :-
(a) Function;
(b) Time;
(c) Resource;
(d) Quality; and
(e) Risk.
These five items are usually inter-related and mutually affecting each other. For
example, adding a new function to a project may cause it to take more time and
resource to complete. It may also introduce additional risk, and affect the overall
quality.
These factors have to be suitably balanced and optimised under a properly
management project environment.