In the context of project management, it’s essential to first define what a project truly is. The Project Management Body of Knowledge (PMBOK), Seventh Edition, defines a project as a "temporary endeavor undertaken to create a unique product, service, or result."

Key Characteristics of a Project:

1. Temporary Nature
   A project has a clear beginning and end. It concludes when its objectives are met or when circumstances dictate it can no longer proceed, such as the client terminating it. While a project is temporary, the results or products it generates are often intended to last. For instance, a project to build a national monument aims to create a structure that endures for generations.
2. Unique Deliverables
   Every project generates a distinct outcome, whether it's a product, service, or result. While some tasks or materials may seem repetitive (e.g., constructing office buildings), each project is unique, with differing locations, designs, and stakeholders. This uniqueness creates uncertainty and requires tailored planning, especially for team members who may encounter new challenges.

What Projects Create: A project can result in various outcomes, including:

• A Product: A standalone item, an enhancement, or a component of a larger system.
• A Service: New capabilities or functions, such as a new business process.
• An Improvement: Enhancements to existing products or services (e.g., a Six Sigma project reducing defects).
• A Result: Knowledge or documentation, such as research findings.

Examples of Projects:
Projects can take many forms, such as:

• Developing a new product, service, or result.
• Organizational changes in structure, processes, or staffing.
• Acquiring or developing new IT systems.
• Building physical infrastructure.
• Improving existing business processes.

Projects vs. Continuous Processes

It’s crucial not to confuse a project with a continuous process. While projects are finite and produce unique outcomes, continuous processes deliver ongoing services or products without a defined end. Examples of non-project activities include:

• A factory’s production line.
• General service provision by a company, like a cell phone carrier.
• Continuous consulting services.

These examples follow standard company procedures and don’t have the uniqueness or defined duration that characterizes a project.

Setting the Ground Rules

When executing a project, especially for an external entity or a different department within your organization, it’s critical to establish clear guidelines. This is typically done through a contract or internal work order that outlines the project’s objectives, timelines, and costs. Properly defining these elements ensures alignment of expectations.

The Project Trinity:

For any project to be successful, three key elements must be defined clearly:

1. The Product: What is the project’s output (product or service)?
2. The Duration: How long will it take to achieve this outcome? Are there intermediate milestones?
3. The Cost: What is the budget for this project?

Without clear definitions, stakeholders may have differing expectations, leading to frustration and potential project failure. A well-defined project reduces misunderstandings and drives success by minimizing friction and aligning all parties toward the same goals.

In summary, understanding the essence of a project and setting clear guidelines from the outset are crucial steps in ensuring successful project execution and delivery.