4 common implications which characterize a project,

A project can be defined as a set of activities or jobs that are performed in a certain sequence determined logically or technologically and it has to be completed within (i) a specified time, (ii) a specified cost and (iii) meeting the performance standards. Examples of a project from fairly diverse fields could be cited. Some of them are given below:
1. Introducing a new product in the market.
2. Construction of a new bridge over a river or construction of a 25 – storied building.
3. Executing a large and complex order on jobbing production.
4. Sending a spacecraft to the mars.
All these projects are characterized by the following set of common implications, although they pertain to widely different fields.
(i) The Large-scale characteristic: These projects are generally unusually large and complex. Thousands of suppliers, workers and other categories of persons are involved and their efforts have to be coordinated for completion of the project.
(ii) The non-recurring characteristic: These projects are generally of a one-time nature. Neither in the past, nor in the future they are likely to undertaken substantially in the same form.
(iii) Uncertain and critical dates: During of the various activities involved in such projects are usually uncertain. Further in such type of projects, many critical dates exits by which operations must be completed in order to complete the entire project on schedule.
(iv) Completion dead line: The fourth distinct feature of these projects is that there is dead line for the completion of the entire project. In case of any delay in the completion of the project, some penalty is levied for such delay beyond the dead line.
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