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 the strategy of the company is implemented.

Projects also involve one or more elements that have 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 facility can have elements such as a unique - location, customized or adapted design, regionally available resources, and/or discrete owners.

*** As defined by PMI^®