The word project comes from the Latin word projectere "to throw something forwards" which in turn comes from pro-, which denotes something that precedes the action of the next part of the word in time and jacere, "to throw". The word "project" thus actually originally meant "something that comes before anything else is done". When the word was initially adopted, it referred to a plan of something, not to the act of actually carrying this plan out. A project can be described as a plan or proposal; a scheme, also an undertaking requiring concerted effort. projects begin because a problem creates a need. In order to solve the problem or fulfill the need, you need to formulate a measurable goal. Once a goal is set, you can develop a strategy to meet it. A project is the strategy to meet this goal. All projects must be defined in terms of time, budget, and performance. projects are critical to the success of any organization.

They are the activities that result in new or changed products, services, environments, processes and organizations. It can also comprise an ambitious plan to define a goal by limiting it to set goals and parameters. The planning, execution and monitoring of major projects sometimes involves setting up a special temporary organization. A project usually needs resources. There are three major phases involved in managing a project. The first is planning or defining the project, breaking it up into its component tasks, defining the resources that will be required to complete it, and making sure that your allocated budget can do the job. After that there is scheduling or defining the relationship between tasks and resources and results in the project plan. Finally there is ongoing management or making sure that the project runs to plan, overseeing scope changes and managing client expectations.

A project must be clearly defined, defining the project and specifying its scope helps develop a common vision of what the project is and will deliver. Before a project can effectively managed, there needs to be a shared understanding of that project - its purpose, objectives, scope, sponsorship, funding and mandate. Some people would define the project as not existing until it has an adequate definition. In the real world, projects often need to get moving while at least some of these questions remain imperfectly answered. Many organisations have specific processes and standards for requesting and evaluating a project. There will often be norms for assessing the financial benefits, eg payback period, internal rate of return, discounted cash flow etc. There may also be standard procedures for presenting a business case and obtaining approval for the capital investment.Project management is the attempt of achieving targets by optimizing the use of resources (time, money, people, space, etc). It is the responsibility of an individual project manager. There are also project sponsors see a need for change and have the authority to make something happen

About The Author :
Vivas Manuel is the founder of http://www.proj-man.com a website providing information on project management. Proj-Man is the sister of http://www.world-of-project.com