Five characteristics of a project

Project differ from functions that are carried out in the daily operations of an organization. The first characteristic that differentiates a project from the daily operations of an organization is a project must be specific. Being specific means that there are details of the project like goals, benefits, milestones, and costs. The second characteristic that differentiates is projects must be measurable. This means there should be benefits besides monetary benefits that come from the project. The third characteristic is a project should be achievable. Being achievable is important for the planning and for the execution of the project. Someone does not want to start a project if it is not going to be worth it or be able to be done. The fourth characteristic is a project must be relevant. If a project is not relevant than there will not be a success. It should be beneficial to the person or company that is carrying out this project. The fifth and last characteristic is a project should be time bound. Being time bound means that there are deadlines to meet and a time frame in which the project should be completed. Without a time bound characteristic, a project could end up being delayed or taking way to long and end up failing or becoming an expensive project. These characteristics differ from the functions carried out in the daily operations because they take planning and time. Whereas things carried out in a daily operation of an organization are done that day (Mohamed, 2021).

Projects linked to the strategic plan

Projects are linked to a strategic plan because the project is the execution of a company's strategic plan. An example of this would be if a company sees its competitor doing a promotion for a bonus offer of $200 if you open a new credit card, so they decided to market for a bonus offer of $250 to entice the customers to come to them.

Mohamed , A. S. (2021). 5 characteristics of a clearly defined project - MICPA. Retrieved March 18, 2022, from http://www.micpa.com.my/micpamember/document/5_Characteristics-Defined_Project.pdf

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