002 What is a Project

Summary

This video script introduces the concept of project management by defining a project as a temporary endeavor to create a unique product, service, or result. It distinguishes projects from routine business operations through their predetermined start and end dates, specific goals, and unique scope. The video emphasizes the project management triple constraint of time, scope, and cost, which are interdependent and must be carefully balanced. It also highlights the importance of projects being complex initiatives that align with business strategies for added value.

Takeaways

• 🚀 A project is defined by the Project Management Institute as a temporary endeavor to create a unique product, service, or result.
• 🕒 The 'temporary' nature of a project means it has a predetermined start and end date, unlike normal business operations.
• 🎯 Projects are initiated to achieve a specific goal, which can be an output like a product, service, or a result of an improvement.
• 🏗️ The term 'project scope' refers to the unique work and outcome of a project, which can vary even if the outputs seem similar.
• 📏 The project management triple constraint consists of time, scope, and cost, which are interdependent and can affect each other.
• 💰 The cost attribute of a project involves the resources dedicated to achieving the project's goal.
• ⏳ Changing any of the triple constraint elements (time, scope, cost) can trigger changes in the others, requiring adjustments.
• 🛠️ Projects require planning and agreement before execution to ensure they meet the specific goals within the defined parameters.
• 🔄 Projects are distinct from routine work and are not repetitive activities with no set end date.
• 🤝 Projects should benefit the business and work in conjunction with a business strategy, adding value beyond just the completion of tasks.
• 🌟 The script emphasizes the excitement and usefulness of projects for those looking to accomplish future ideas.

Q & A

What is the definition of a project according to the Project Management Institute?

A project is defined as a temporary endeavor undertaken to create a unique product, service, or result.

How does a project differ from normal business operations?

A project is distinct from normal business operations in that it has a predetermined start and end date, whereas normal operations are characterized by routine work without an end date.

What is meant by the term 'project scope'?

Project scope refers to the work and the output created to achieve the specific goal of the project. Each project's scope is unique, even if the output appears similar.

Why is the project's output considered unique even if it seems similar to another project's output?

The project's output is considered unique due to factors such as different land, location, or other contextual differences that require adaptations in the project's work.

What is the significance of the project management triple constraint?

The project management triple constraint consists of time, scope, and cost. These attributes are interdependent, and changes in one can trigger changes in one or both of the others.

How does changing the end date of a project affect its resources and output?

Changing the end date of a project may require increasing resources by spending more or reducing the output quantity, or both, to meet the new deadline.

Why is cost an important attribute in project management?

Cost represents the resources specifically dedicated to accomplishing the project's goal. It is a critical factor in the project management triple constraint and impacts the project's feasibility and success.

What is the relationship between a project and a business strategy?

A project should benefit the business by working in conjunction with a business strategy, aligning its goals and outcomes with the broader objectives of the organization.

Why is going to a new restaurant for dinner not considered a project, despite being a temporary activity with a specific goal?

Going to a new restaurant is not considered a project because it does not have the complexity or the business benefit alignment that projects typically require.

What are the key elements that make a project different from regular business processes?

The key elements that differentiate a project from regular business processes are its temporary nature, unique scope, and the specific goal it aims to achieve.

How does the script suggest enhancing the understanding of projects?

The script suggests enhancing the understanding of projects by breaking down the concept into key terms such as time, specific goal, project scope, and cost, and explaining how these elements interact within the project management framework.

Outlines

00:00

🚀 Introduction to Project Management

This paragraph introduces the concept of project management by posing the question, 'What is a project?' It clarifies that a project is not just a buzzword but a significant and exciting endeavor. The Project Management Institute's definition is presented, describing a project as a temporary endeavor aimed at creating a unique product, service, or result. Key terms such as 'time,' 'specific goal,' 'project scope,' and 'cost' are explained, emphasizing the temporary nature of projects, their distinct objectives, and the uniqueness of each project's scope. The triple constraint of project management—time, scope, and cost—is also introduced, highlighting their interdependence.

Keywords

💡Project

A 'Project' is defined by the Project Management Institute as a temporary endeavor undertaken to create a unique product, service, or result. It is central to the video's theme, illustrating the structured approach to achieving specific goals that are distinct from ongoing business operations. The script uses the example of constructing a new office building, outsourcing a call center, or improving business processes to show different types of project outputs.

💡Temporary Initiative

The term 'Temporary Initiative' highlights that a project has a predetermined start and end date, unlike normal business operations which are routine and continuous. This concept is vital for understanding the time-bound nature of projects, as mentioned in the script when distinguishing projects from day-to-day activities like accounting and finance.

💡Specific Goal

A 'Specific Goal' refers to the desired outcome or result of a project. It is what the project aims to achieve and is a key component of the project's definition. The script emphasizes this by stating that the goal can be a product, service, or result, and it is the driving force behind the project's planning and execution.

💡Project Scope

The 'Project Scope' encompasses the work and the unique output that is produced by a project. It is what defines the boundaries of a project, making each project distinct, even if the outputs seem similar. The script uses the example of building the same house in different locations to illustrate how a change in location can alter the project scope.

💡Project Management Triple Constraint

The 'Project Management Triple Constraint' consists of time, scope, and cost. These three attributes are interdependent, and changes in one can affect the others. The script explains that if the project end date is moved forward, it may require more resources or a reduction in output, demonstrating the interconnected nature of these constraints.

💡Cost

'Cost' in the context of project management refers to the resources dedicated to achieving the project's goal. It is one of the triple constraints and is crucial for planning and executing a project within budget. The script mentions increasing resources or reducing output if the project timeline is shortened, showing the impact on cost.

💡Business Strategy

A 'Business Strategy' is the long-term plan of action for achieving business goals. Projects should align with and benefit the business through this strategy. The script briefly mentions that projects need to work in conjunction with a business strategy, indicating the importance of strategic alignment for project success.

💡Output

The 'Output' of a project is the end result or deliverable that the project aims to produce. It could be a physical product, a service, or a measurable improvement. The script uses the term to describe the tangible or intangible result of a project's efforts.

💡Complex Initiative

A 'Complex Initiative' implies that projects are not simple, one-off activities but require careful planning and management due to their multifaceted nature. The script distinguishes projects from everyday activities like going to a restaurant, which, despite being temporary and goal-oriented, do not qualify as projects due to their lack of complexity and business benefit.

💡Agreed, Planned, and Executed

The phrase 'Agreed, Planned, and Executed' describes the process of a project, from its inception to completion. It emphasizes the collaborative and structured approach needed for a project to be successful. The script uses this phrase to outline the necessary steps in the project management process.

💡Resources

'Resources' in project management include all the inputs such as money, people, and materials required to complete a project. The script discusses the need to increase resources if the project timeline is to be shortened, indicating the importance of resource allocation in project planning.

Highlights

A project is defined as a temporary endeavor undertaken to create a unique product, service, or result.

Projects are distinct from normal business operations due to their predetermined start and end dates.

The specific goal of a project is its output, which can be a product, service, or result.

Project scope refers to the unique work and output of each project, which can vary even if the end product is similar.

The cost of a project involves the resources dedicated to achieving its specific goal.

Time, scope, and cost form the project management triple constraint, where changes in one attribute affect the others.

Increasing project resources may be necessary if the project end date is moved forward.

Projects are complex initiatives that require planning and execution to achieve a specific goal.

A project must benefit the business and work in conjunction with a business strategy.

The project management institute provides a formal definition of what constitutes a project.

Understanding the unique aspects of a project is crucial for effective project management.

The scope of a project is influenced by factors such as location and land, requiring adaptation by architects and engineers.

If the work and output of a project are the same, it is not considered a project but a regular business process.

Projects are temporary initiatives with a strict expiry date, unlike day-to-day activities in established companies.

The temporary nature of projects differentiates them from routine work in normal business operations.

Project management involves balancing the triple constraint of time, scope, and cost to achieve project goals.

The importance of aligning projects with business strategies for maximum impact and benefit is emphasized.

Transcripts

welcome

to the world of project management so

let's begin

with an important question what

is a project is it a bird

is it a plane we constantly hear music

bands

artists sport team managers politicians

say

my project i have a new project

the project about etc

so is it just another buzzword used to

make some activities sound more

sophisticated

no it's something much much different

a project is something real exciting and

extremely useful for people that want to

accomplish

their future ideas so let's get back to

the main question

what is a project

the project management institute defines

it as

a temporary endeavor undertaken to

create a unique

product service or result

in other words it's a temporary

initiative that is agreed

planned and executed to achieve a

specific goal let's break this down with

some terms

first we have time this refers to a

project being a temporary initiative

it is distinct from normal business

operations in that it has a

predetermined start and end date

normal operations are characterized by

the routine work in established

companies

think of the day-to-day activities which

are not very different from one day to

another

the accounting and finance department

product department sales and marketing

etc

there is no end date assigned to these

repeating activities

projects on the other hand have a strict

expiry date

then there is the specific goal you wish

to achieve with the project

you can think of it as the output of a

project

this output can be a product like

construct a new office building

a service like outsource a call center

or a result such as improving existing

business process

the output together with the work done

to create it is called project

scope the scope of each project is

unique

there can be project outputs that are

similar building an exact same house but

in a different place for example

but the fact that the land and location

are different is enough to change the

project's scope

the architects and engineers will need

to adapt their construction accordingly

changing the way the project work will

be done

if the work and the output are the same

this will not be a project

the scope will not be unique and it will

be a regular business process

the third key attribute is cost which is

the resources specifically dedicated to

accomplishing the goal in mind

these three attributes form the project

management triple constraint

time scope and cost are dependent on

each other

after determining them at the start if

one of them changes it will trigger a

change in one or both of the others

for example let's say that you need to

pull the end date of your project

forward

to do this you will need to either

increase your resources

input by spending more or produce fewer

products

output or perhaps even both

so this is the general shape of a

project remember

a temporary initiative that is agreed

planned

and executed to achieve a specific goal

and it's worth noting that projects are

complex initiatives

going to a new restaurant for dinner is

also a temporary activity with a

specific goal and limited budget

but it's not a project it also needs to

benefit the business through working in

conjunction with a business strategy

which is what we will be discussing next

thanks for watching