A project can be defined as a temporary endeavor undertaken to create a unique product or service***.

Projects are different from other ongoing operations in an organization because unlike operations, projects have a definite beginning and an end - they have a limited duration.

Projects are critical to the realization of performing organization's business strategy because projects are a means by which strategy of the company is implemented.

Projects also involve something that has not been done in the past, and are therefore unique. A product or service may be unique even if the category to which it belongs is large. For example, although several residential complexes have been built in the past, creation of a new house will be a project because each individual facility is unique - different location, design, resources working, owners etc

*** : As defined by PMI^®