- A defined goal: Projects have a clear and well-defined goal that they are working towards. This goal should be specific, measurable, achievable, relevant, and time-bound.
- Limited duration: Projects are temporary endeavors that have a defined start and end date. The length of a project can vary depending on its size and scope.
- Unique product, service, or result: Projects are undertaken to create something new and unique. This could be a new product, service, report, or event.
- Involves risk: Projects always involve some degree of risk. This could include risks related to time, cost, quality, or scope.
- Requires resources: Projects require resources to complete, such as people, money, materials, and equipment.
- Involves stakeholders: Projects typically involve a number of stakeholders who are interested in the outcome. These stakeholders could include customers, sponsors, project team members, and the organization as a whole.
In addition to these features, projects can also be characterized by their complexity, level of innovation, and degree of uncertainty.
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