FREE PMP Project Management Training! WHAT IS A PROJECT

Summary

The script delves into the concept of a project as a temporary venture initiated by organizations to fulfill business needs, attain strategic objectives, or meet market demands. It emphasizes the uniqueness and temporary nature of projects, which are planned with a defined outcome or deliverable. Projects differ from ongoing operations by having a set endpoint, goals, constraints, and a scope. Successful project execution requires a leader who can manage resources, define objectives, and ensure the project meets its criteria for success, often involving diverse teams across different locations.

Takeaways

• 🚀 A project is initiated by an organization to fulfill a business need, attain a strategic objective, or meet market demand.
• 🌟 Projects are temporary ventures that create something unique, which can be a product, service, or result.
• ⏳ The term 'temporary' in projects means they have a defined end, but the duration can vary and is not necessarily short.
• 🏗️ Projects are planned from start to finish, with tasks usually done sequentially in a specific order.
• 📦 A project's final product, service, or result is known as a 'deliverable,' which is handed over at the project's completion.
• 🔑 The difference between a project and an operation lies in the project's definite beginning and end, unlike the ongoing nature of operations.
• 📈 Projects have goals, constraints, resources, timelines, budgets, and a defined scope, which operations do not have set endpoints for.
• 👥 Projects can range from being handled by a single person to requiring teams from multiple organizations and locations.
• 🌐 International business often involves large projects with diverse teams across different geographical regions.
• 🔄 Even if there are repetitive elements within a project, the unique set of circumstances makes each project distinct.
• 🛠️ Successful project management requires a leader who can define objectives, manage professionals, and establish success criteria.

Q & A

What is the primary reason organizations initiate projects?

Organizations initiate projects to fulfill a business need, attain a strategic objective, or meet a market demand.

What defines a project as temporary?

A project is considered temporary because it has a definite end, even though the duration may vary and the project's outcome is intended to have a lasting effect.

How is a project's uniqueness characterized?

A project is unique because it creates something that hasn't been done before by the organization initiating the project.

What is the difference between a project and an operation?

A project has a definite beginning and end, with specific goals, constraints, and resources, while an operation is an ongoing, repetitive activity without a set endpoint.

What is the term used for the final product, service, or result of a project?

The term used for the final output of a project is 'deliverable.'

Why are projects planned from beginning to end?

Projects are planned from beginning to end to ensure that the tasks needed to complete the project are done sequentially and efficiently.

What is the term used to describe the parameters within which the project deliverable must fall?

The term used to describe these parameters is 'project scope.'

How does the size of a project affect the number of people involved?

Large projects usually involve a team of people, smaller projects may be handled by a single person, and really large projects may involve multiple groups from different organizations worldwide.

What is the role of a project manager in coordinating resources across different locations and cultures?

The project manager's role is to coordinate these resources to ensure the project is completed on time and within budget, considering the unique circumstances of each project.

How does the project manager ensure the success of a project?

A project manager ensures success by defining work objectives, managing skilled professionals, and outlining the criteria for the project's success.

Why is it important for a project manager to be a leader?

It is important for a project manager to be a leader to effectively organize resources, motivate a team, and guide the project towards its objectives within the defined constraints.

Outlines

00:00

🏗️ Project Management Basics

This paragraph introduces the concept of a project within an organization. It explains that projects are initiated to fulfill business needs, attain strategic objectives, or meet market demands. A project is described as a temporary venture that creates something unique, which can be a product, service, or result. The uniqueness of a project is emphasized, as it implies that it has not been done before by the organization. The paragraph also clarifies that a project has a defined beginning and end, with a set of goals, constraints, and resources, including a budget and timeline. The term 'deliverable' is introduced as the final product, service, or result that is handed over at the project's completion. The difference between a project and an operation is highlighted, with the latter being an organization's ongoing activities without a set endpoint. The paragraph concludes by discussing the scale of projects, which can range from a single individual to a global team, and the importance of the project manager's role in coordinating resources to ensure timely and budgetary completion.

05:01

👨‍💼 Leadership in Project Management

The second paragraph focuses on the leadership aspect required for a successful project. It emphasizes the need for a project manager who is not only responsible for managing the project but also for leading and defining work objectives. The leader is expected to manage skilled professionals and establish the criteria for the project's success. Although the paragraph is incomplete, it suggests that strong leadership is a critical component in project management, ensuring that the team works cohesively towards achieving the project's goals.

Keywords

💡Project

A project is defined as a temporary venture undertaken by an organization to create a unique product, service, or result. It is central to the video's theme, illustrating the purpose and nature of projects within an organization. For instance, the script mentions projects being initiated to fulfill a business need or meet a market demand, such as completing a bridge, which exemplifies a project's temporary and unique outcome.

💡Temporary

The term 'temporary' in the context of the video refers to the time-bound nature of projects. It emphasizes that projects have a defined beginning and end, unlike operations that are ongoing. The script uses this term to clarify that although projects may last for varying durations, they are not perpetual and conclude upon achieving their objectives.

💡Unique

Uniqueness in a project is highlighted to denote that it is creating something that has not been done before by the initiating organization. It is a key concept in the video, showing that each project, even if similar in nature, brings novelty in terms of context or execution. The script exemplifies this with the bridge-building scenario, where the same process results in a unique project due to different locations and circumstances.

💡Deliverable

A deliverable is the final product, service, or result that is produced at the end of a project. It is a critical concept in the video, representing the tangible outcome of a project's efforts. The script explains that every project has a defined outcome or deliverable, which must meet specific parameters and is handed over upon project completion.

💡Operation

An operation is differentiated from a project in the video as an organization's ongoing, repetitive activities without a set endpoint. It contrasts with projects to highlight the持续性 and lack of a defined conclusion in operations like payroll or mass production. The video script uses this term to clarify the distinct nature of projects, which have definite endpoints.

💡Scope

Project scope refers to the boundaries within which the project's deliverables must fall, including goals, constraints, and resources. It is a key concept in the video that outlines what the project encompasses and what it does not. The script mentions that projects have a defined scope, which includes timelines, budgets, and parameters for the deliverable.

💡Resource

Resources in the context of the video are the assets, including personnel, materials, and finances, that are organized and utilized to execute a project. The script emphasizes the project manager's role in coordinating these resources to ensure the project's successful completion within the defined constraints.

💡Project Manager

A project manager is the individual responsible for the planning, execution, and coordination of a project. The video script highlights the importance of the project manager in leading the project team, defining work objectives, and ensuring the project meets its criteria for success within the given scope and timeline.

💡Strategic Objective

A strategic objective is a long-term goal that an organization aims to achieve, often through the execution of one or more projects. The video script mentions that projects may be initiated to attain such objectives, indicating their role in aligning with and advancing the organization's broader strategic direction.

💡Market Demand

Market demand refers to the need or desire for specific products or services within the marketplace. The video script uses this term to explain one of the reasons organizations initiate projects, to meet this demand and potentially gain a competitive advantage.

💡Team

A team in the video script refers to a group of individuals assembled to work towards the common objectives of a project. The script notes that larger projects usually involve a team, while smaller ones may be handled by a single person or a single business unit, emphasizing the collaborative nature of project work.

Highlights

Organizations initiate projects to develop new products, create services, or improve internal processes.

A project is a temporary venture that creates something unique, such as a product, service, or result.

Uniqueness in projects implies that the endeavor has not been previously accomplished by the initiating organization.

The term 'temporary' in projects does not necessarily indicate a short duration; all projects have an endpoint.

Projects are planned from start to finish with tasks usually performed sequentially.

A project's outcome is referred to as a 'deliverable' in project management, representing the final product, service, or result.

The difference between a project and an operation lies in the project's definite beginning and end, unlike ongoing operations.

Projects have goals, constraints, resources, timelines, budgets, and must conform to a defined scope.

Operations are the daily, repetitive activities of an organization without a set endpoint, contrasting with projects.

A project may be initiated to update processes or introduce new items, but once completed, the operations take over.

The scale of projects can vary from single-person efforts to large, multi-organizational endeavors.

Large projects may involve global teams, such as technicians in India, managers in the U.S., and suppliers in Asia.

Project managers are responsible for coordinating resources to ensure projects are completed on time and within budget.

Repetitive elements within a project do not negate its status as a project due to unique external and internal circumstances.

Even identical tasks in different locations are considered projects due to varying factors like culture and weather.

A project organizes resources by assembling individuals to work towards common objectives within a defined timeframe.

For a project to be successful, it requires a leader who can define objectives, manage professionals, and outline success criteria.

Transcripts

you

sometimes an organization wants to

develop a new product to bring to the

marketplace sometimes they want to

create a service for clients or improve

a process within their operations if any

of these things need to get accomplished

within an organization then that

organization will have to plan and

execute a project in this lesson we'll

discuss the terminology and concepts

that answer the question what is a

project

projects are initiated by organizations

for all kinds of reasons they may want

to fulfill a business need attain a

strategic objective or meet a market

demand a project is a temporary venture

that creates something unique it can be

a product a service or it can be a

result when we say a project is unique

we mean that it hasn't been done before

at least by the organization initiating

the project when we say a project is

temporary

we don't necessarily mean that it's

short all projects end and though

although projects end its end result is

usually meant to produce something or

the project's outcome is meant to have a

lasting effect for example if the

project involves completing a bridge

project that project will end when the

bridge has been completed but the bridge

is expected to last for years projects

are planned from beginning to end and

the tasks needed to complete the project

are usually done sequentially meaning

they're done one after the other in a

sequence projects also have a defined

outcome or as they call it in the

project management profession a

deliverable the term deliverable is the

final product service or result that

will be handed over at the end of the

project there's a big difference between

a project and an operation the important

thing to remember is that a project has

a definite beginning and an end

it doesn't just keep going and going a

project also has goals constraints and

resources it has to conform to timelines

it has a budget or associated costs that

are not inexhaustible and it has

parameters that the deliverable must

fall within we call this the project

scope

operations are an organization's ongoing

repetitive activities such as payroll

accounting or mass production of a

deliverable an operation is the daily

work of an organization in operations

there is no set end point of the

operation the operation just keeps

humming along until someone identifies a

need to change it update it or even

eliminate it now with all this going on

some people may confuse a project with

an operation remember projects have a

definite endpoint an operation does not

the need for an organization to update

its processes bring a new item into

production or bring to light some sort

of beneficial knowledge may spawn a

project but once the deliverable has

been completed the project ends and the

operations begin although large projects

usually involve a team of people smaller

projects may be handled by a single

person in a single business unit really

large projects may be executed by

multiple groups of people from many

different organizations spanning all the

organization's levels from all over the

world in today's international business

climate it's not unusual for a large

project to have technicians in India

managers in the United States and

suppliers in Asia and customers in

Europe it's the project managers

responsibility to coordinate these

resources to make sure the project is

completed on time and within budget

sometimes there may be repetitive

elements within the project but the fact

that it contains a whole different set

of external and internal circumstances

makes it a project for instance a

bridge-building company that completed a

bridge in New York may be contracted to

build the same exact bridge in Beijing

the company may use the same materials

the same team of engineers and even the

same project manager they may even use

some of the same processes and best

practices but the location the

circumstances affecting the construction

even the local culture and weather makes

it a unique endeavor therefore it's a

project

a project is a way of organizing

resources by bringing together a group

of individuals to perform different

tasks on a common set of objectives for

a defined period of time in order to be

successful a project needs not just a

project manager but a leader who can

define the work objectives manage

skilled professionals and outline the

criteria for success of the project

you

you