6 Facts About Project Temporary Nature
Here are some of the facts that you should know about Project Temporary nature in any organisations.
In my previous article, I have talked about some of the facts that you need to know about the unique nature of projects. In this article, I want to talk about some of the facts that you need to know about project temporary nature. Follow me as we look at some of those facts in this article.
Project temporary nature in a way means that for any endeavour to be termed as a project, it must have a beginning and an end date. The duration of a project or a process does not really qualify it as a project. It all has to do with the uniqueness of the project.
Here are the six facts that you need to know about the temporary nature of projects. Here are some of the things you will see that shows that your project has come to an end.
#1 achieving objectives in relation to project temporary nature
A project will have to come to an end when the objectives of the projects are achieved. I need to state it clearly that it is not all project that will have a “logical conclusion. Some projects have to be stopped when their objectives are no longer relevant.
#2 Objectives cannot be met
Another thing about temporary endeavour is that some objectives cannot be met. If an organisation in setting its objectives are not realistic in terms of gathering customer requirements. This might lead to a situation where the objectives are abandoned because the organisation is not realistic in the first place.
#3 Exhausting funds in relation to project temporary nature
The project can also come to an end when the fund has been exhausted for the project. If the organisation does not longer have money to meet up with the requirement for the project. It might lead to a situation where they will have to abandon the project.
#4 Need no longer exists
One other thing that can bring a project to end is if the need for the project no longer exists. If the need for that product is no longer important, it might lead to a situation where the organization has to abandon the project. It might be that the customer no longer wants the project to be completed or strategy has changed and the organisation have to move to something else.
#5 Unavailability of resource
One of the factors that can lead to the termination of a project is the inability to get all the resources that you need for the project. There are two ways of getting resources for your project. They might be sourced internally or externally. It will be very difficult to continue when you cannot get the required resources for your project.
#6 Legal issues
A project might also be brought to an end due to legal issues. The proposed or ongoing project might go against government policies and programme which might force the project to wind down. You have to seek an expert judgement in order not to run foul of the law.
You should know that projects are temporary but their deliverable can have an impact of a lifetime. If a company, for example, is building a bridge for a community. It can outlive an organisation because the project will remain evergreen in the community.
You should note that there also ways that project drives changes in an organisation. Since no proposal will be approved in an organisation without having a link with objectives of setting up such an organisation. Every project that is been executed is aimed at advancing the corporate goals of such organisation.
Most organisations are said to be in the current state before the beginning of the execution of projects. They now have to move from the current state to the future state. It is the duty of the project manager to move the organisation from where they are to where they wanted to be through successful project execution.
How Projects Contributes to Business Value Creation
Every project is been initiated to create values. I will be talking about Business Value creation in an organization.
In my previous articles, I have talked about some of the uniqueness of projects in an organisation. In this article, I want to talk about some of the ways that projects can contribute to business value creation. Follow me as we do this together in this article.
Firstly, you should know that embarking on a project is all about creating values. Customers you should know also paid for values and not aesthetics. The more value you are adding to their lives, the more they are ready to pay for the outcome of their projects.
Business value can be considered as the benefits that are derived from the project endeavour. This can be in the form of time, money, goods or other intangible things such as goodwills.
The Tangible elements in business value creation:
Also, money, assets, utility, fixtures, tools as well as market shares among others.
Intangible elements in Business value creation
Furthermore, there are some intangible elements that can be part of business values such as goodwill, brand recognition, public benefit, trademarks, strategic alignment as well as good reputation among others.
5 Facts About Project Uniqueness in Organisations.
In this section, I want to look at some project management uniqueness in organizations the way Project Management Professional sees it.
The Question about project uniqueness…
There are questions that you are going to see in exams that have to do with your understanding of what project management really is. I want to explain it in this article in a way that you will even dream about them.
A Project is considered a temporary endeavour that is undertaken to create a unique, product, service or result.
When you look at project objectives, it has to do with the outcome that will be used to judge project deliverables. They are the strategic direction that the organization wants to attain or purpose that the organization plans to achieve with the project.
Sometimes also, the unique result that you are expecting from projects is called deliverables. They are what stakeholders are expecting to see after you might have completed the processes of a project. Deliverables can also be tangible or intangible depending on the nature of the project.
When you are trying to fulfill these project objectives, it may produce one of the following outputs…
The project objective can produce a unique product that can either be a component of another item. This happens when a project is expected to be a correction of an existing item. For example, we can undertake a project to improve on a project that has a technical flaw from the onset.
A project can also be undertaken to introduce a new service that never existed before. For example, a project can be organized to set up a new branch of a bank or develop a new product that will be introduced to customers in the long run.
It is also possible for a project to be a unique combination of one or more products. That means the features of several products can be combined together in order to create a new product(s) that will appeal to customers.
You should also note that we can have a repetitive element or process in a project. That does not mean that the process is not unique. An organization can decide to use the same method to carry out a similar project. This will not take away the unique characteristics of such projects.
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