Project

Project is a one time set of activities that must be completed within constraints of time, cost and quality performance. In order to achieve pre-determined objectives, it has clearly defined objectives. It integrates the human, physical and financial resources. It is disbanded as soon as the objectives are fulfilled. In this sense, it is temporary organization. It has definite starting and ending points. It lies between these two cuts of points and passes distinct phases of its life, the life span between these points is known as project life cycle. However project passes its limited life in dynamic environment.

In this competitive environment each organization should continuously search for new idea for survival and rapid growth. But the ideas must be technically feasible, economically viable, politically suitable and socially acceptable. When the ideas pass these test, investment proposal is made. If proposal is approved then project commences. Thus project starts from well conceived.

Since a project is a small operational parts of a plan or program, it is taken as a "cutting edge of development". Mostly, project in an organization originate from business plan of the respective organization and government project originate from development plan of government. Whether project originate from business plan or development plan, it is undertaken to create an unique product or service as output. In this way, project is input-processing mechanism to produce output. Moreover project can be defined as vehicle of change because it brings remarkable changes or improvement after its implementation.