What is a Project? Definition, Types & Examples

“What is a project?”

This is the key question in project management, so you should be able to explain the term. Project management is a vast field, and all businesses, governments, non-profits, and private organizations always have various projects to help them grow.

I am writing this post to explain the project, its definition, types, features, and examples. After reading these blog posts, I hope you won’t have any questions or concerns regarding these ideas.

Let’s start with the project.

Project Definition

The PMI defines the project as a “temporary endeavor undertaken to create a unique product, service, or result”

Producing deliverables is the key reason to start the project in the first place. A project deliverable can be tangible or intangible. Projects create a unique product, result, or service and then close. Although many construction projects result in comparable buildings, bridges, and dams, each of these structures is a unique product.

[Note: If the output is repeated, then it is an operation, as an operation provides repeated output. An example of an operation is automobile production.]

The PRINCE2 defines the project as follows:

A project is a temporary organization that is created for the purpose of delivering one or more business products, according to an agreed-upon business case.

The word “organization” refers to the project team (i.e., all the people involved in the project).
The word “temporary” refers to the project having a definite start and end date.
The business case includes reasons for completing the project, expected benefits, and the costs and time involved.

So, you see that both organizations (PMI and PRINCE2) have a similar definition of project.

What Are the Characteristics of a Project?

What is a Project? Definition, Types & Examples | PM Study Circle (1)

A project has the following characteristics:

Temporary Nature: All projects are temporary, which means that once they achieve their objectives, they will end.
Definite Duration: A project has a well-defined timeline, with a definite start and end date.
Produces Output: All projects produce an output, which can be a unique product, enhancement, service, or result.

Types of Projects

Based on project management methodology, you can divide projects into three categories:

Waterfall: This is the most traditional, popular form of project management. The scope of work is fixed, and changes are uncommon. Most projects (e.g., infrastructure or construction) are examples of traditional Waterfall projects.
Agile: This is a newer method of managing software development projects. Agile methodologies are useful when the scope of work is not well defined, and changes are common.
Hybrid: This is a combination of the projects mentioned above. Hybrid project management is helpful for large projects that include construction and software development elements.

Project Examples

A few examples of a project are:

Constructing a building
Developing a new pharmaceutical compound
Expanding a tour-guide service
Merging two organizations
Drilling for oil
Modifying an organization’s software system
Researching the development of a new manufacturing process
Improving a business process within an organization

The most important characteristic of a project is its temporary nature; the project ends when it achieves its objective.

The project can also end when:

Funding is exhausted.
The project is no longer necessary.
Resources are no longer available.
The project is terminated for legal causes or convenience.

How to Execute a Project

Projects are executed based on the project-management methodology you select for your project.

The traditional project follows the five phases of project management, as follows:

Initiation Phase: This is the first stage of the project, in which the project charter is signed, and you identify stakeholders. The project charter is the most important project document, and it includes vital, high-level information (e.g., feasibility study summary, business case, cost-benefit analysis, assumptions and constraints, project milestones, key stakeholders, project objectives, deliverables, budget, duration, etc.).
Planning Phase: During this stage, you will develop detailed project plans and baselines. These plans explain how you will execute the project, monitor and control its progress, and close it. The planning process begins with gathering requirements and defining the scope. After that, you will establish subsidiary plans (e.g., quality management plans, cost-management plans, risk-management plans, etc.). You may hold your first project kick-off meeting in this phase. [Note: The detailed project scope is often unavailable at the initial stage of the project. In this case, you will make detailed plans for the near-term work that has a detailed scope. For the rest of the work, you will use high-level planning. This phenomenon is known as “rolling wave planning.”]

Execution Phase: This phase consumes most of the project’s budget and time. Here, you will develop the project deliverables. While executing the project, you will engage the stakeholders to ensure that they are satisfied, and that they will receive project performance reports regularly, as mentioned in the communication-management plan.
Monitoring and Controlling Phase: This phase happens concurrently with the execution phase. While executing the project plan, you will monitor progress for any deviations. If you observe any deviations, then you will take corrective action to bring the project back on track.
Closing Phase: This is the last phase of the project. In this phase, you will hand over the project deliverables to the project sponsor, update the project’s lessons learned document, archive all project documents in organizational process assets, and release the team.

An Agile project requires 11 steps:

Identify Product Vision: Every product has a vision, which the product owner should develop. The product vision summarizes the product’s features and benefits.
Develop Product Roadmap: A roadmap is a high-level summary of the product and its future development. When developing the product roadmap, the product owner is focused on objectives, instead of features.
Assign Agile Team: The project will be assigned to the Agile team (e.g., product owner, Scrum Master, and other team members).
Create Product Backlog: A list of product features are known as “user stories.” The product will meet with the user and develop user stories.
Create Sprint Backlog: After creating the product backlog, the product owner prioritizes the user stories and creates the sprint backlog to start the first sprint.
Release Plan: This plan shows how and when features will be delivered to the client. Release plans are defined by dates and scheduled features.
Conduct Sprint Planning: The sprint duration is 1-4 weeks, thereby allowing the team to develop working software and add additional features. Sprint planning takes place before the sprint starts.
Track Progress: Progress is tracked using a Burn-Down Chart for each sprint. All team members can access this chart and see the project progress.
Hold Daily Standup Meetings: Agile promotes open communication. A daily standup meeting occurs 10-15 minutes before starting work. In the daily standup meeting, team members can discuss any issues they are facing, and the work plan.
Conduct a Sprint Review: At the end of the sprint, all team members sit together and put green check marks on everything that is done.
Conduct a Sprint Retrospective: In the sprint retrospective, the team discusses how the previous sprint was done, and how they can do better next time.

When a Project is Successfully Completed

When all project stakeholders are happy and accept the deliverable, the project is successfully completed.

A project has successfully ended when:

The project is completed on time.
The project is completed within budget.
The project fulfills all requirements.
The stakeholders are satisfied.

The last criteria are the most important. You often fulfill all requirements, but if the stakeholders are unsatisfied, you cannot say your project is successfully completed.

These days, PMI is emphasizing product-benefit realization. Once you hand over the deliverable, your job does not end. You must ensure that the client will receive the project output’s intended benefit. If they face any issues, then you must help them solve them. You have developed the product, and no one knows it better than you, so you must help the client fully use the deliverable.

What is the Role of the Project Manager?

The project manager is in charge of the project and is responsible for completing it. Their role is multifaceted and includes management, leadership, coordination, communication, and problem-solving.

They define project objectives, scope, and deliverables, according to the stakeholders’ requirements. They develop project plans, execute tasks, monitor and control the progress, and hand over the deliverables.

They facilitate communication among team members and stakeholders by providing updates, addressing concerns, and resolving conflicts as they arise.

Project managers play a key role in decision-making, allocating resources, and prioritizing activities to achieve project objectives within constraints.

How Projects Are Different from Operations

Projects and operations are different. They have different characteristics, objectives, and management approaches.

Projects are temporary and end when they deliver the output. Projects are initiated to achieve a specific goal or address a particular need, such as developing a new product, implementing a system upgrade, or organizing an event.

Examples of projects are the construction of roads, and buildings, developing software, conducting research, etc.

Operations are ongoing, repetitive activities aimed at sustaining the organization’s core functions and delivering ongoing products or services. Operations are characterized by their routine nature, continuous execution, and focus on efficiency and effectiveness.

Examples of operations are manufacturing processes, customer service operations, and administrative tasks.

Though projects and operations serve different purposes, they are often interrelated. A project can initiate change or improvement to any operational processes or deliver outcomes that become part of ongoing operations. Both are required for organizational success and sustainability.

How Projects Are Related to Programs and Portfolios

Projects are individual endeavors, and project management manages them independently to achieve the project objective.

Programs are collections of related projects that are managed and coordinated together to achieve strategic objectives that individual projects cannot accomplish alone. They are larger in scope than individual projects and deliver benefits greater than the sum of their parts.

Program managers manage multiple projects within a program to ensure alignment with strategic goals and maximize benefits.

Portfolios consist of multiple programs and projects to achieve strategic objectives and optimize resource allocation across the organization. They provide an all-inclusive view of all initiatives currently underway within an organization and allow management to prioritize investments, manage risks, and balance resource allocation based on strategic priorities.

A portfolio can have multiple programs, or a combination of programs and projects, or it can comprise different projects.

Portfolio managers are responsible for managing portfolios.

What is Project Management?

Project management is the disciplined application of knowledge, skills, tools, and techniques to successfully execute projects within specified constraints. It involves initiating, planning, executing, monitoring, controlling, and closing activities to achieve project objectives and deliver the project output to the client.

Project managers play a key role in guiding teams, resolving conflicts, and making decisions throughout the project lifecycle.

Effective project management includes various methodologies and approaches tailored to the specific needs of the project. Whether using traditional waterfall methods or agile frameworks, the key principles of project management remain the same: clarity of purpose, efficient resource allocation, proactive risk management, robust communication, and continuous improvement.

Project management is about driving results, promoting collaboration, and ensuring project success in a dynamic environment.

Key Project Terms

A project has many terms that you must know. Although it is impossible to provide all the terms used in project management, I am providing the 9 most popular terms that you should know.

The following terms are common in all types of projects—regardless of their size, complexity, or methodology:

Project Charter: This document formally authorizes the existence of a project; it appoints the project manager and gives them the authority and resources they need to complete the project. It outlines the project objectives, scope, stakeholders, and high-level constraints. It serves as a reference point throughout the project lifecycle by providing direction and alignment to all stakeholders.
Project Stakeholders: These are individuals or groups who have an interest in the project or are affected by its outcome (e.g., sponsors, clients, team members, and external parties). Managing stakeholder expectations and engagement is the key to project success.
Project Scope: The project scope defines the work required to complete the project, and the project’s boundaries. A clear understanding of the project scope ensures that everyone involved knows what is included and excluded from the project, thus preventing scope creep and building the right product.
Project Baselines: These are performance baselines or reference points used to measure project performance (e.g., the project schedule, cost, and scope). They provide a basis for comparison throughout the project lifecycle and are required for assessing deviations and controlling changes.
Project Deliverables: Deliverables are the project output. They can be tangible or intangible. They can be products, services, documents, or other outcomes that meet specific criteria and contribute to achieving project objectives.
Project Milestones: These are significant events in a project timeline that mark the progress or completion of key deliverables or phases. Milestones provide checkpoints for assessing project progress; they help keep the project on track and provide a sense of accomplishment.
Scope Creep: Scope creep is the uncontrolled, gradual expansion of a project without approval. It often leads to increased costs, delays, and resource strain. Effective scope management and change-control processes can help reduce scope creep.
Change Management: This is a systematic approach to managing project changes (e.g., assessing, approving, implementing, and controlling changes to the project scope, schedule, and resources). Change management ensures that changes are properly evaluated, communicated, and integrated, so as to minimize disruptions and maintain project objectives.
Configuration Management: Configuration management is about managing changes in the product’s configuration or features. It ensures that products meet requirements, are properly documented, and can be reproduced or modified, as needed.

Frequently Asked Questions

Q1: What are project boundaries?

Projects have limitations or boundaries; these are called “constraints.”

The three main constraints are known as triple constraints, which are:

Scope: Scope defines the project work and the product features. Project managers cannot go outside the defined scope of work.
Time: Projects are temporary and must be completed within a specified duration. If they are not completed within the defined duration, then the client can impose a penalty.
Cost: Projects have fixed budgets, and the project manager must complete the project within the fixed budget.

Q2: What is the project lifecycle?

Projects undergo different phases, from initiation to completion. These phases are known as the project management phases, a collection of logically related project processes.

The phases can be iterative, overlapped, or sequential. They are time-bound and have a start and end or control point. These control points are known as “phase gate,” “control gate,” or “phase review.”

Although projects vary in size and complexity, a project can be mapped to the following project lifecycle:

Starting the project
Organizing and preparing
Carrying out the work
Closing the project

The development of a product, result, or service can involve numerous stages during the project lifecycle.

A project lifecycle can be:

Iterative Lifecycle: In this lifecycle, development occurs in cycles or iterations. Each iteration involves a complete development lifecycle (i.e., planning, developing, testing, and deployment). After each iteration, feedback is gathered and used to refine and improve the product in subsequent iterations. This approach allows for flexibility, adaptability, and early delivery of working features, thus enabling stakeholders to see tangible progress throughout the project.
Incremental Lifecycle: In this lifecycle, you will divide the project into increments, with each increment delivering a portion of the final product’s functionality. Unlike iterations in the iterative lifecycle, each increment builds upon the previous one by gradually adding features and capabilities until the full product is achieved.

Conclusion

A project is a temporary endeavor to create a unique product, service, or result. It is characterized by its defined objectives, specific timeframe, and ending. Projects are diverse in nature, ranging from construction and technology development to organizational change initiatives. Effective project management involves planning, execution, monitoring, and control to achieve the desired outcomes within the constraints of time, cost, and quality.

What is a Project? Definition, Types & Examples | PM Study Circle (2025)