A project may be defined as a scientifically evolved work plan devised to achieve a specific objective within a specified period of time. The objective may be to create, expand and/or develop certain facilities in order to increase the production of goods and/or services in the community.
A project can be considered as a proposal involving capital investment for the purpose of developing facilities to provide goods or services.
Input for any project is allocation and consumption of resources and output is generation of resources, goods or services.
A project is a well-conceived commitment to accomplish a task to be performed with well-defined objectives, schedules and budget. It can also be defined that a project is a work plan which is scientifically evolved with an aim to achieve a specific goal within the stipulated period of time. In short, one can understand that a project needs a well-defined scientific working strategy coupled with well-defined objectives to be achieved within the specified time.
Therefore, it is needless to say that a project needs natural resources, human resources, land & building, plant & Machinery, etc., as inputs for producing outputs viz., goods or services which will be beneficial to the people of the society. No doubt, any type of project will involve an element of profit without which an entrepreneur will not conceive a project.
The project may differ in size and objectives. Some of the projects may be larger in size involving a lot of investment in land and building, plant and machinery etc., which are called capital intensive projects. Some of the projects may be smaller in size involving a smaller size of land and building and less investment in plant and machinery etc. These are called Small Scale Industries, Small and Medium Enterprises etc.
The term “Project” has been defined as under:
a) Project Management Institute, USA has defined ‘Project’ as a system involving the coordination of a number of separate department entities through the organisation and which must be completed within prescribed schedules and time constraints.
b) Harrison has defined ‘Project’ as a non-routine, non-repetitive, one-off undertaking normally with discrete time, financial and technical performance goals.
c) According to Little and Mirlees, ‘Project’ refers to any scheme or part of a scheme, for investing resources which can reasonably be analysed and evaluated as an important unit.
d) The Manual on Economic Development Projects defines a project as the compilation of data which will enable all appraisals to be made of the economic advantages and the disadvantages (attendant) upon the allocation of country’s resources to the production of specific goods and services.
A project can be considered as a proposal involving capital investment for the purpose of developing facilities to provide goods or services.
Input for any project is allocation and consumption of resources and output is generation of resources, goods or services.
A project is a well-conceived commitment to accomplish a task to be performed with well-defined objectives, schedules and budget. It can also be defined that a project is a work plan which is scientifically evolved with an aim to achieve a specific goal within the stipulated period of time. In short, one can understand that a project needs a well-defined scientific working strategy coupled with well-defined objectives to be achieved within the specified time.
Therefore, it is needless to say that a project needs natural resources, human resources, land & building, plant & Machinery, etc., as inputs for producing outputs viz., goods or services which will be beneficial to the people of the society. No doubt, any type of project will involve an element of profit without which an entrepreneur will not conceive a project.
The project may differ in size and objectives. Some of the projects may be larger in size involving a lot of investment in land and building, plant and machinery etc., which are called capital intensive projects. Some of the projects may be smaller in size involving a smaller size of land and building and less investment in plant and machinery etc. These are called Small Scale Industries, Small and Medium Enterprises etc.
The term “Project” has been defined as under:
a) Project Management Institute, USA has defined ‘Project’ as a system involving the coordination of a number of separate department entities through the organisation and which must be completed within prescribed schedules and time constraints.
b) Harrison has defined ‘Project’ as a non-routine, non-repetitive, one-off undertaking normally with discrete time, financial and technical performance goals.
c) According to Little and Mirlees, ‘Project’ refers to any scheme or part of a scheme, for investing resources which can reasonably be analysed and evaluated as an important unit.
d) The Manual on Economic Development Projects defines a project as the compilation of data which will enable all appraisals to be made of the economic advantages and the disadvantages (attendant) upon the allocation of country’s resources to the production of specific goods and services.
What is a project?
![What is a project?]()
Reviewed by enakta13
on
September 17, 2014
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